The answer to this is not easy but at least on the short-term it appears it has. An early warning signal was the RSI Bullish Divergence as I mentioned on the March 04 idea shown below:
The biggest development is that Gold made its first Higher High today since February 23. It also broke the more recent March 01 Lower Highs trend-line.
However it has just met its biggest obstacle, a patter that is holding since January 20. That is the 4H MA50 (blue trend-line). As you see since that date, every time the price met the 4H MA50 after a new Low, it marginally broke above it, consolidated and then broke down below only to make a new Low. See how the RSI Resistance (65.000) has always marked the peak/ rejection point. So on the medium-term we don't yet have a clear signal to buy.
That should only come if the 1760 level breaks. Why is that so important? Because it is a Symmetrical Pressure level as it has been the Support since November 30, which on March 01 turned into a Resistance.
On the long-term though the picture is clearer as I've mentioned on my February 27 idea:
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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The biggest development is that Gold made its first Higher High today since February 23. It also broke the more recent March 01 Lower Highs trend-line.
However it has just met its biggest obstacle, a patter that is holding since January 20. That is the 4H MA50 (blue trend-line). As you see since that date, every time the price met the 4H MA50 after a new Low, it marginally broke above it, consolidated and then broke down below only to make a new Low. See how the RSI Resistance (65.000) has always marked the peak/ rejection point. So on the medium-term we don't yet have a clear signal to buy.
That should only come if the 1760 level breaks. Why is that so important? Because it is a Symmetrical Pressure level as it has been the Support since November 30, which on March 01 turned into a Resistance.
On the long-term though the picture is clearer as I've mentioned on my February 27 idea:
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot's 💰 top TradingView Coin donor 💰 this week ==> xBTala
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.