Early in the American session, gold is trading around 3,302 within the bearish trend channel formed on H1 charts since May 23.
The yellow metal is likely to continue its bearish cycle in the coming hours if the price consolidates below the 21SMA or below 3,310.
If its bearish cycle continues, we should expect gold to fall below 3,310. Then, it could reach the 6/8 Murray line at 3,269 and even fall to the bottom of the bearish trend channel around 3,245 and finally at 3,218.
On the other hand, if the price consolidates above the 21SMA, the outlook could be positive, and we could buy with targets at the 7/8 Murray line at 3,360.
For confirmation of the bullish cycle, we should expect a break above 3,320.Then, gold could continue rising and reach 3,360 AND EVEN CLIMB TO THE 8/8 Murray at 3,437.
The indicator is showing a negative signal, so we believe gold could continue falling in the coming days, reaching the level around 3,200.
The yellow metal is likely to continue its bearish cycle in the coming hours if the price consolidates below the 21SMA or below 3,310.
If its bearish cycle continues, we should expect gold to fall below 3,310. Then, it could reach the 6/8 Murray line at 3,269 and even fall to the bottom of the bearish trend channel around 3,245 and finally at 3,218.
On the other hand, if the price consolidates above the 21SMA, the outlook could be positive, and we could buy with targets at the 7/8 Murray line at 3,360.
For confirmation of the bullish cycle, we should expect a break above 3,320.Then, gold could continue rising and reach 3,360 AND EVEN CLIMB TO THE 8/8 Murray at 3,437.
The indicator is showing a negative signal, so we believe gold could continue falling in the coming days, reaching the level around 3,200.
Trade active
This analysis is still valid and we can see that RSI is still giving us hope to sell gold in the coming hours. On the 4H chart the three bearish engulfing pattern has formed on the 4H. Which giving us a strong sell in the coming hours.
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DAILY FREE SIGNAL. FREE SIGNAL (95% accuracy) TP AND SL PROVIDED
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
In This Channel, i Will Provide you a profitable Scalping And Swing Trade Follow My Signals
PUBLIC TELEGRAM CHANNEL
t.me/CEO_PREMIUM_ANALYSIS
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.