Gold had a very volatile trade, the kind that isn't fit for tight SL placements, be sure a lot of them got triggered today.
The pattern is a Channel Up and the price has so far found support on the MA50 (4h) near its bottom.
Trading Plan:
1. Buy as long as the MA200 (4h) holds.
2. Sell if the MA200 (4h) breaks.
Targets:
1. 2090 (Resistance 1, same symmetric target as the rebound of November 12th where the MA200 (4h) held).
2. 1930 (Support 1).
Tips:
1. The RSI (4h) gave a clear sign of this top turned into sell as it built a Bearish Divergence on a Falling Resistance, same as October 27th. The RSI hit only 42.00, a level that hasn't formed any recent bottom. This is why you have to consider the possibility of a deeper correction.
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Notes:
Past trading plan:
The pattern is a Channel Up and the price has so far found support on the MA50 (4h) near its bottom.
Trading Plan:
1. Buy as long as the MA200 (4h) holds.
2. Sell if the MA200 (4h) breaks.
Targets:
1. 2090 (Resistance 1, same symmetric target as the rebound of November 12th where the MA200 (4h) held).
2. 1930 (Support 1).
Tips:
1. The RSI (4h) gave a clear sign of this top turned into sell as it built a Bearish Divergence on a Falling Resistance, same as October 27th. The RSI hit only 42.00, a level that hasn't formed any recent bottom. This is why you have to consider the possibility of a deeper correction.
Please like, follow and comment!!
Notes:
Past trading plan:
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