Gold is on a short term pull back on the 4H chart (RSI = 47.725, MACD = -1.250, ADX = 29.908) following the new All Time Highs on U.S. stocks and the short term rebound on the bond market. The US Dollar remains strong but a short term pull back is helping Gold to contain a bigger decline.
Technically we have found similarities of the current sequence with the pattern during of mid to late January. As you see on the chart both the RSI patterns as well as the actual candles are identical. In January once the price crossed below the 4H MA50, it found support within the 0.500 - 0.618 Fibonacci. We are currently close to that level and with the MA200 right below, treat this as a good medium term long opportunity. Our Target is the 1,595.50 Soft Resistance.
Recent trade on Gold:
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Comments and likes are greatly appreciated.
Technically we have found similarities of the current sequence with the pattern during of mid to late January. As you see on the chart both the RSI patterns as well as the actual candles are identical. In January once the price crossed below the 4H MA50, it found support within the 0.500 - 0.618 Fibonacci. We are currently close to that level and with the MA200 right below, treat this as a good medium term long opportunity. Our Target is the 1,595.50 Soft Resistance.
Recent trade on Gold:
** 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.