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Underlying:XAUUSD (GOLD) Time frame:1D
This is a tough one to trade. Recently I posted a gold chart showing the "main" range and then a slightly larger range. Yesterday we broke below the "main" range and entered that wider range which is a much better opportunity to get long, if you are wanting to get long Gold.
One important thing to note; is that the MACD on the daily chart has not fully passed below the centre line and could mean a grind lower still. Once that has passed the centre line (0) it may be an even better time to get long. Play this one carefully. I will keep posting updates as things progress.
If you want to place a stop you can do so outside of the wider range around 1250.00 at least.
I am convinced that if one knows how to analyze properly MACD in 1H, 4H, 1day, and knows where to put SL he can have often profit. The key is often surveillance and the patience.
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@fhsk2001, Yes, Waiting for the right moment with MACD can be useful :)
We know we are close to the bottom...Our expectation is bottom between the levels 1270 - 1250. Look the Bollinger weekly channel and will give you additional insight.