Current development on Gold, have everything i look for when looking for opportunity.
RSI Divergence (bearish), MACD Crossover (bearish), 200MA resistance, 61.8 fib retracement, clearly visible channel and wedge with high possibility of breaking down.
*Not a trade recommendation. Just visually expressing my idea.
50MA is about to cross 200MA to the upside. This is considered to be "The Golden Cross" . Golden Cross can be excellent sign of where a market is headed. , and is a buy and hold signal.
Inverted head and shoulders pattern can be seen on the chart as well. Multiple shoulders are marked and along with a upwards neckline are signalling powerful move to come....
Following up on the trend fan i posted few days ago in a previous trade idea.
Clear break and retest visible, as noted on the chart. This is giving us bullish direction for days to come. At current levels we have strong resistance area, pushing the price down, and hopefully give us a better buy level. Will be watching for first buy signal at around 1221.81 as...
The way i see it, we have a confirmed double bottom (close above 1224.55) with bull flag in development as shown on the chart.
Basically bullish view, but PA below the 1224.55 line most likely targeting S1. Close below S1 and there comes another leg short.
But, with this referendum stuff we can scratch al this and wait for things to settle down. Polls are saying...