Gold (XAUUSD) is close to forming a strong bearish pattern on the 1H time-frame, the Death Cross, which is when the 1H MA50 (blue trend-line) crosses below the 1H MA200 (orange trend-line). Last time it formed this was a month ago (December 26).
This is the first bearish signal on Gold in a long time and we are going to approach this by candle closings and Resistance/ Support levels. In the past 7 days, all 1H candles have closed above the 1919.50 Support (1) so we will go short upon a closing below it and target the Higher Lows trend-line (1) and the 4H MA100 (red trend-line). We are willing to extend this selling only if we close a candle below the 1911 Support (2) and target Support 3 (1895.50), where contact will most likely be made with 4H MA200 (yellow trend-line), which is the long-term Support during such uptrends.
Similarly, a break above the 1935 Resistance (1) will be a buy signal, targeting Resistance 2 (1949.50).
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This is the first bearish signal on Gold in a long time and we are going to approach this by candle closings and Resistance/ Support levels. In the past 7 days, all 1H candles have closed above the 1919.50 Support (1) so we will go short upon a closing below it and target the Higher Lows trend-line (1) and the 4H MA100 (red trend-line). We are willing to extend this selling only if we close a candle below the 1911 Support (2) and target Support 3 (1895.50), where contact will most likely be made with 4H MA200 (yellow trend-line), which is the long-term Support during such uptrends.
Similarly, a break above the 1935 Resistance (1) will be a buy signal, targeting Resistance 2 (1949.50).
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** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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๐ฐFree Channel t.me/tradingshotglobal
๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!