Gold: Bullish Setup from SMA200

FX:XAUUSD   Gold Spot / U.S. Dollar
In the daily chart , the price moved above SMA200. It is a signal that the market is going to continue the uptrend. A new higher swing low supports this idea.

RSI confirmed the price reversal. The same goes for MACD histogram. We have a bullish setup that can be used for buying. You can see an example of a possible long trade. Of course, it will be better to wait for the breakout above the local downtrend line and 1900$ resistance. But if we wait for the breakout, our entry point will be far from the stop. It won't make our trade more attractive. That's why it makes sense to scale in or use the daily chart and such risky trade.

If you want to have more trade opportunities for buying, move to the hourly timeframes.

This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.

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here is my view bro
+2 Reply
Now, the gold is about to perform double top pattern with a neckline at near 1760. It's been going a long uptrend, so I think it will go down to reach the pivot level. Again, it's been having a long uptrend, remember that the prices goes up and down instead of moving further with one direction. Look at the Ichimoku Kinko Hyo and you can get more.
+2 Reply
Good work
good work buddy
This is possible indeed!Here is my breakdown of the scenarios for gold. What do you think Dmitri?
thank you so much
thanks for sharing , here is my idea
Great analysis 👍 we also had a bullish bias
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