Gold is currently pulling back after being rejected near the 1D Resistance (1,520) which has been holding since October 03. At the moment the 1D MA50 (light blue line) is acting as a pivot.
Based on a similar candle and RSI action behavior (February - June 2019) we may be on the last Lower High before a very strong parabolic rise, similar to what took place when Gold took off earlier this year.
Even on a short term perspective the trend remains bearish (for as long as the 1,520 1D Resistance holds) towards the last low. The neutral 1D (RSI = 51.365, Highs/Lows = 0.0000) serves perfectly for a sideways trade within the 1D Resistance and Support levels. Our target zone is 1,473.60 - 1,481.20.
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Based on a similar candle and RSI action behavior (February - June 2019) we may be on the last Lower High before a very strong parabolic rise, similar to what took place when Gold took off earlier this year.
Even on a short term perspective the trend remains bearish (for as long as the 1,520 1D Resistance holds) towards the last low. The neutral 1D (RSI = 51.365, Highs/Lows = 0.0000) serves perfectly for a sideways trade within the 1D Resistance and Support levels. Our target zone is 1,473.60 - 1,481.20.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.