The market bounced from the uptrend line and RSI confirmed price reversal. Now we have an up movement and it's buy opportinity. At the same time buying from these levels is not a good idea. We can see that the market does not have too much space for a good up movement. Price is going to reach 1260.00 resistance level and the downtrend line. Probably this zone will be able to stop and reverse the market. How we should trade? Any way the market moves to the narrowing zone between 2 trend lines and it gives us a trading opportunity. We should place buy-stop orders above the downtrend line for a possible breakout. And we have to place sell-stop orders below the uptrend line for a case, if the market bounces from the downtrend line and starts falling. We'll use the uptrend and the downtrend line as additional confirmation for price movement. If the market moves above of below these lines, we'll be able to expect good price movement in the direction of breakout. Stop orders for long trades must be placed below the uptrend line and for short trades above the downtrend line. Profit target are at 1300.00 for long trades and 1200.00 for short trades.
P.S. If you think this information can be useful, please, like it and share. Also I will be glad to read your comments )
I believe Gold will continue up to 1295 and possibly beyond from this point. It is a clear buy on the weekly timeframe. It appears to be finding support near the middle Bollinger Band (20SMA) continuing the uptrend on the weekly timeframe. 4 consecutive green bullish candles on the daily timeframe also support a long opportunity.
justinholtgrave
⋅
Downtrend line looks invalid. Price failed to make a lower low which also confirms a long opportunity.
Lawrence-Sherif
⋅
Did you noticed that the trends has became non trustable at the last 3 monthes , it became normal to any pair to break up then go down again , so i think you should not using the trends break as a high propelety setups
UnknownUnicorn437395
⋅
the 2 trend line are very useful, that clear my idea, thanks a lot for sharing and efforts