50-day MA breakout just happened. Good support and possible good target for long represented by the green circle area.
Technicals for support theory
This is a follow-up of the following idea (published on Sept 7th)
![[GOLD] Hope for the best but be prepared for the worst](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
This is my own research and not intended as financial advice.
Technicals for support theory
- The 200-day MA and fib. retracement levels: 0.5 - 0.618
- Area with high volume (VP)
- Still way to go to RSI 30 (like in March)
This is a follow-up of the following idea (published on Sept 7th)
![[GOLD] Hope for the best but be prepared for the worst](https://s3.tradingview.com/y/Y3peAxER_big.png)
This is my own research and not intended as financial advice.
Comment:
New low has been printed compared with the low of 2 days ago which broke the 50-day MA.
Comment:
Not a matter of if but when.