Description
⋅ Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 After breaking above the $2100 resistance, XAUUSD surged by 5%.
How high can Gold climb?
The marked red circle represents a significant resistance and overbought zone as it marks the intersection of:
1- $2250 round number.
2- Upper red trendline from weekly.
3- Upper blue trendline from daily.
🏹 Thus, the highlighted blue circle denotes a robust area to anticipate a potential reversal.
And keep in mind: the bigger the impulse, the bigger the correction.
Therefore, when Gold begins to trade lower, be prepared!
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Richard Nasr