GOLD The 1D RSI hit the March levels! Time to buy or not yet??
Gold ( XAUUSD ) has been under heavy selling pressure lately as not only does it follow the stock markets lower but is also hit by its negative correlation with the recent rise on DXY . As it happened in March, it appears that the market puts (the highly speculative Gold contracts) and stocks in the same risky basket and instead rush to DXY as safe haven.
** The RSI **
What I want to share with you today is that Gold's RSI has just entered the 35.000 - 30.000 Buy Zone, which it last touched in March. In fact this Buy Zone has been holding since the August 2018 market Bottom of 1160! Every time Gold has made contact with that Zone, buyers used it as accumulation and a sharp rally followed. So it is obvious that it is a very reliable technical buy level for long-term traders/ investors.
** The 1D MA300 **
In addition to the above, there were a few times (March - May 2019 and March 2020) when the price along with the RSI Buy Zone, also made contact (or near contact) with the 1D MA300 (green trend-line on the chart). Right now, there is a significant Gap from where we are now (1870) and the 1D MA300 (1650).
Will it get filled as in March or is the contact with the RSI Buy Zone good enough to accumulate buyers again? Feel free to share your work and let me know in the comments section!
P.S. For those who recognize the analysis, this is a repost of the idea below which I published on September 24 and got deleted. I am publishing it again in order to be used for future reference reasons:
Please like, subscribe and share your ideas and charts with the community!
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** The RSI **
What I want to share with you today is that Gold's RSI has just entered the 35.000 - 30.000 Buy Zone, which it last touched in March. In fact this Buy Zone has been holding since the August 2018 market Bottom of 1160! Every time Gold has made contact with that Zone, buyers used it as accumulation and a sharp rally followed. So it is obvious that it is a very reliable technical buy level for long-term traders/ investors.
** The 1D MA300 **
In addition to the above, there were a few times (March - May 2019 and March 2020) when the price along with the RSI Buy Zone, also made contact (or near contact) with the 1D MA300 (green trend-line on the chart). Right now, there is a significant Gap from where we are now (1870) and the 1D MA300 (1650).
Will it get filled as in March or is the contact with the RSI Buy Zone good enough to accumulate buyers again? Feel free to share your work and let me know in the comments section!
P.S. For those who recognize the analysis, this is a repost of the idea below which I published on September 24 and got deleted. I am publishing it again in order to be used for future reference reasons:
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> Hunchocrypto1
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💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!