Gold: The Price Is Below SMA100. How to Trade?

The price reached the resistance zone formed by SMA100 and SMA50. It can give us a price reversal with the further falling to SMA with 200 period. If so, it is possible to think about sell trades using the hourly timeframes. Stop orders must be placed above the local swing high. The main profit target must be at the zone between SMA200 and 1400.00 support level.

For confirmation of the upward movement, the price will have to move above SMA100. This breakout signal can be used for buying based on the daily timeframe. Stop loss orders for such buy trades must be placed below the local swing low. The main profit will be at the previous market highs at 1560.00 level.