Gold (XAUUSD) has been trading within a Bullish Megaphone pattern since the start of the year. Last week's rejection on its top (Higher Highs trend-line) has resulted into a break below the 4H MA50 (blue trend-line).
This has technically been the signal that started the previous 2 Bearish Legs, which both bottomed upon touching the 4H MA200 (orange trend-line) and once the 4H RSI got oversold below 30.00.
As a result, we expect more downside, targeting 3160.
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This has technically been the signal that started the previous 2 Bearish Legs, which both bottomed upon touching the 4H MA200 (orange trend-line) and once the 4H RSI got oversold below 30.00.
As a result, we expect more downside, targeting 3160.
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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! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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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.