The price bounced from 1484.00 and broke the downtrend line. We got a bullish divergence, which tells us about a trend reversal. If the price breaks the nearest resistance level and SMA100, we should be ready to see the upward movement.
For confirmation the further falling, the market will have to break the local support at 1484.00 and move lower.
It will be possible to use both breakouts for opening trades, but it will be high-risk trading. The market looks unpredictable now, and it can move in any direction. Be careful and use the proper risk management strategy.
NIce work. Glad it broke my way. I was caught long on oil when Donald Trump fired National Security Advisor John Bolton. This morning's gold trade made up for that loss and added a profit. Mahalo.
sultanfx7
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Bro amazing your pro
CUZZINSUSHII
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Awesome! Thank you & goodluck !
CUZZINSUSHII
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Great ideas!!! How far up do you think it will climb? What would be the first and second resistance levels? Thanks!
DLavrov
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@CUZZINSUSHII, thanks! The thing is - the daily market is in the uptrend. Yes, it is overbought and we see he correction movement. How long it can be - we don't know. Probably this upward movement from the 1h chart will be the starting point for the reversal on the daily. If so, the market will be able to continue the uptrend after correction and the 1st target will be the local highs.