$GOLD #XAUUSD finding a Buying Opportunity (Long Term Outlook)
Gold is maneuvering its Price in a interesting Position. But if you are planning to open long Positions on Gold you should be patient rather than being fearful of missing out potential upside.
Almost everyone looking at the Gold Chart will spot the Bull Flag and will see this as a signal to jump on a long trade.
Such a decision definitely can be categorized under “Frontrunning Signals”. Technically we are in a downwards channel which statistically likes to break to the Upside but looking at some Indicators the Gold Price could retest some lower levels of Support before rising in price.
What is the Price doing right now:
What potential lower level can be reached for a better Long Entry
Just to be said even if the Gold Price would give you a opportunity to buy it at lower levels you are looking right now on a Weekly Timeframe so keep in mind that it could take time reaching your Designated Areas.
There will be bounces on the way which depending on your strategy used and Risk Management offer up some opportunity for some nice trades and keeping in mind all Key Support and Resistance levels from a Makro Point of view helps you to set your Risk Management.
Leave a Comment or ask your Questions & Trade Safe!
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You can copy and follow my trades on eToro
please visit koboltrading.com for more info about me
Almost everyone looking at the Gold Chart will spot the Bull Flag and will see this as a signal to jump on a long trade.
Such a decision definitely can be categorized under “Frontrunning Signals”. Technically we are in a downwards channel which statistically likes to break to the Upside but looking at some Indicators the Gold Price could retest some lower levels of Support before rising in price.
What is the Price doing right now:
- trading around a support price of 1450
- currently trading @ 0.236 Fib Retracement 1450
- trading below the Weekly 10 EMA
- grinding along the Weekly 20 EMA
- grinding along a week rising support trendline
- Weekly Stochastic is still heading downwards starting to dive into the bearish Control Zone
- Weekly RSI trading below the EMA in the Middle of the Index
What potential lower level can be reached for a better Long Entry
- Lower Trendline of the descending channel coming in at around 1430-1400
- Weekly 50 EMA moving into the vicinity of the lower descending channel trendline also around the price of 1410
- the 0.382 Fib retracement is at 1390
- Big Support Area between 1370 - 1400
- if we extend the lower trendline of the descending channel it will reach into the area of the 0.382 ib Retracement and other Supports mentioned above.
- 0.5 Fib Retracement around 1340 confluent with Major Support with 10 Jun 2019 Breakout
- Weekly 200 EMA will trail into the vicinity of 1350
Just to be said even if the Gold Price would give you a opportunity to buy it at lower levels you are looking right now on a Weekly Timeframe so keep in mind that it could take time reaching your Designated Areas.
There will be bounces on the way which depending on your strategy used and Risk Management offer up some opportunity for some nice trades and keeping in mind all Key Support and Resistance levels from a Makro Point of view helps you to set your Risk Management.
Leave a Comment or ask your Questions & Trade Safe!
==============================
You can copy and follow my trades on eToro
please visit koboltrading.com for more info about me