This is a Gold update to last week's idea on the potential bottom formation on the 1D MA50:
The price did form a Support around the 1D MA50 (blue trend-line) indeed and the important development of the day is the formation of the Golden Cross on the 1D time-frame (when the 1D MA50 crosses above the 1D MA200), which is about to emerge. Being technically a bullish indicator, Gold is expected hold the Higher Lows zone of the Megaphone and the Channel Up.
See also how well the RSI bounced off its own Higher Lows zone of August. The green line is the DXY and since it is pulling back, that should have an additional bullish effect on Gold. But be advised that the Nonfarm Payrolls at the end of the week is the trigger for either a strong rebound or break below the Channel. The direction after the Nonfarm Payrolls should provide the new trend. In our view, it is very likely to see a slow monthly rise similar to October's.
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** 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 price did form a Support around the 1D MA50 (blue trend-line) indeed and the important development of the day is the formation of the Golden Cross on the 1D time-frame (when the 1D MA50 crosses above the 1D MA200), which is about to emerge. Being technically a bullish indicator, Gold is expected hold the Higher Lows zone of the Megaphone and the Channel Up.
See also how well the RSI bounced off its own Higher Lows zone of August. The green line is the DXY and since it is pulling back, that should have an additional bullish effect on Gold. But be advised that the Nonfarm Payrolls at the end of the week is the trigger for either a strong rebound or break below the Channel. The direction after the Nonfarm Payrolls should provide the new trend. In our view, it is very likely to see a slow monthly rise similar to October's.
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** 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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👑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.