We are updating on our view earlier this week:
Gold (XAUUSD) hit and got rejected today on the 1847.50 Symmetrical Resistance (February 20 High) as the 4H RSI turned overbought. Assuming the bottom reversal pattern is an Inverse Head and Shoulders (IH&S), we need a candle closing above the Symmetrical Resistance in order to extend buying towards the 4H MA200 (orange trend-line) and our 1870 medium-term target.
If instead it closes below the 1H MA50 (red trend-line) we expect to see a pull-back first to the 4H MA50 (blue trend-line) and if closed below then the 1817.50 Symmetrical Support before rebounding.
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Gold (XAUUSD) hit and got rejected today on the 1847.50 Symmetrical Resistance (February 20 High) as the 4H RSI turned overbought. Assuming the bottom reversal pattern is an Inverse Head and Shoulders (IH&S), we need a candle closing above the Symmetrical Resistance in order to extend buying towards the 4H MA200 (orange trend-line) and our 1870 medium-term target.
If instead it closes below the 1H MA50 (red trend-line) we expect to see a pull-back first to the 4H MA50 (blue trend-line) and if closed below then the 1817.50 Symmetrical Support before rebounding.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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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.
👑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.