Gold: Market Review and How to Trade

FX:XAUUSD   Gold Spot / U.S. Dollar
What's new in this amazing market?

After reaching 1612.00 level based on strong news, the market dropped below the important support level . The price tried to move back, but the resistance zone formed by the uptrend line and 1558.00 level could stop the upward movement. We got a reversal, which is confirmed by RSI .
MACD supports a further downward movement, but the lines and histogram are at the signal level. It could be better if we would have the ling and bard above the signals line. Now, we don't have solid bearish signals from this indicator. If the price doesn't try to break the resistance zone one more time, it will give us a signal that buyers have no power to push the market upward. And if so, we will get an additional bearish signal. It will be possible to think about selling with stop orders above the local swing high and profit targets at SMA100, SMA200, and the uptrend. As for buy opportunities, I would like to buy using reversal signals from the support zone between SMA200 and the uptrend line. Of course, it is possible to buy based on a breakout above the local swing high, but it will be high-risk buy trade in the overbought market with solid trend reversal signal, which we still have in play. And what do you think about the further movement? Will it be to 1612.00 resistance? Share your thoughts in comments below.

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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Is it still actual chart? We are expecting drop from here?
So whats your advice for gold now?
Do you still keep short position?
Love to watch your advice. You are almost always spot on! Did your view change? Or till what point do you see the drop? 1525/1490?
Some chance this may happen.. but I don't see it going much below 1500.. 1490 perhaps. It could also continue trading sideways before dropping, or sideways and slight up before coming back down to 1550. This could be another point like Jun 20 where you think it's high, but if you don't buy now you'll likely not see this price again.. or it could be a a top, and we'll then soon see 1500. I'm learning more towards a 1500 pullback, but given my track record, I'm more often wrong than right.. Northmantrader on twitter believes it may not go up just yet, and he'll one of the most bearish people on stocks ever, we will see. Perhaps this is the plan, they even have the bears fooled to not buy and then price goes up.. or it's for real, and US China deal will pull off some more magic... which is what is probably gonna happen. I don't expect a return to 1500's to last too many months though.
With the RSI having reached a support level and MACD about to roll over, going lower is doubtful. In our opinion going up on the short term within this Channel Up is a more valid scenario:

DLavrov InvestingScope
@InvestingScope, thanks for sharing your thoughts! Let's see!
@AntonChe87, i think the same
DLavrov mohammedarwani92
@mohammedarwani92, great! Thanks for the opinion!
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