Gold: Wait for Reversal and New Buy Opportunities

FX:XAUUSD   Gold Spot / U.S. Dollar
The price reached the support zone between 1460.00 and 1450.00 support levels, and it means that we should be ready to buy. The market looks oversold, and RSI confirms it. Selling in the current market conditions is not a good idea. The market moved downward a lot, and it will be logically searching for buy opportunities based on reversal and breakout signals.

For getting a better entry-level, we should wait for a price reversal from the support levels. The 1st bullish candle will confirm that the price bounces from the support. It will be possible to buy based on the high price of the signal candle. Such type of trading will allow us to catch a better entry price, but the trade will be risky if compare it with another type of trading.

If you want to get additional signals confirming the price reversal, the further upward movement, and the strength of buyers, it will be better to use breakout signals above the local swing high and the downtrend line. With such an approach, we won't get the best entry price, but we will get more reliable buy signals.

The market does not provide us the exact trading signals right now, but the market should be added to your watchlist. During the next week, we will be able to trade following a new upward movement.
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gold can go 1420 to 1430 next week.
+1 Reply
Sir i love your chart.. and it is encouraging me to buy..! Even though i am already trapped on 1487 ..! But i looked at your chart thats motivating me that i may be in safe zone as a huge support below that and couple of times previous candle rejected to go downward
The mid point is 1500, range is 1450-1550. 1450 was when Fed started rate cut back in July. If we fall below 1450 it would likely trigger strong buy support. The three rate cuts are not likely to reverse and China deal is no where in sight. This is just correction in play as well as the 10 years bond recovering from over sold level.

The key still in the China trade. If the deal blew up you can bet your cookies it will go right back to 1550 gain. You kind of have to anticipate the events. Deal blew up during last Trump tweet he slaps more tariffs on China Aug 1 or 2 if not mistaken. Things heats up, people everywhere started complaining, US China goes back to trade talk trying to ease market concerns, but nothing changed. US China still don't have a deal and they can't even agree on where to sign this month. So then we will have our cycle as things heats up again when the deal delays and doubts kicks in. This primarily is because the government is trying to balance the market so that people to complain too much about stock market crash and such.

But it's not deal until it's signed in paper.
Don't buy it here... All I've got to say. It needs to correct a lot more before it actually is oversold. The market is hugely overbought still. You need to zoom out a bit.
+1 Reply
DLavrov SoonicTM
@SoonicTM, based on higher timeframes - probably yes. But this trading idea is not about the long term trading.
Thank you for the chart here Dlavrov!
DLavrov Gabriel12345679
@Gabriel12345679, you are welcome!
I liked. Well-founded, sober analysis.
DLavrov ReallyMe
@ReallyMe, thank you!
+1 Reply
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