for almost two weeks we have been on a bearish trend with gold with the low from last Friday at 1195. ever since then we have been making higher lows as well as lower highs but it looks to be setting up for a bullish reversal and break out which will occur today. this doesn't mean it can't go bearish which it could still continue but I'm looking for a break above...
Some analysis I did live with my students. didn't post it in time before it played out but went almost exactly to how I drew it. Studying and hard work will pay off, just keep hustling! (you can see it better on m5 but it won't allow me to post it)
we are approaching a key resistance level at the 1232.75 zone. A bearish divergence started at the end of Jan and is still happening. I believe after price reaches the 1232 area we will see a correction happen and a downtrend to the 1196 zone before continuing bullish again.
price keeps failing to break below the 112.28 zone which is a key support area. Another fail to break could allow long positions to be taken up to the 200ema(blue) once the 50ema(red) is broken or possibly even higher. There is a bullish divergence on both Momentum & MACD
divergence with market price and momentum. market price is holding this level but momentum is bearish so there is a bearish divergence. on a break below the 1.0777 zone and a retest of resistance we should see price start to begin going bearish toward the 200EMA (blue)
the 1.4720 zone looks to be a strong area of support so ill be looking to take a long up to my 200ema(blue). Both MACD and Momentum have been going bullish on 1h and creating higher lows where as market price has been staying low.
If USD Advance GBP Q/Q is positive ill be looking to enter gold long with a 150pip TP and 40 pip SL depending on my entry. Also Momentum and MACD both made a higher low where as market price made a lower low.