Gold (XAUUSD) broke above its 4H MA200 (orange trend-line0 today for the first time since June 23. It has done so by forming a Channel Up pattern since the rebound on the 1680 Support. That was a projection we clearly outlined on our long-term analysis at the start of July:
Right now the next Resistance that buyers are targeting is the 1D MA50 (red trend-line), which has been intact since April 22. Most likely this will coincide with a test of the March 08 Lower Highs trend-line, where a break above will be a major bullish break-out and should start filling the higher Fibonacci retracement levels. If you haven't bought already and are looking for a confirmation signal, do so after the 1D RSI breaks above the June 10 Resistance.
On the other hand, any rejection on the 1D MA50 or the March 08 Lower Highs trend-line, will be a sell signal (short-term) towards the 4H MA50 (blue trend-line).
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Right now the next Resistance that buyers are targeting is the 1D MA50 (red trend-line), which has been intact since April 22. Most likely this will coincide with a test of the March 08 Lower Highs trend-line, where a break above will be a major bullish break-out and should start filling the higher Fibonacci retracement levels. If you haven't bought already and are looking for a confirmation signal, do so after the 1D RSI breaks above the June 10 Resistance.
On the other hand, any rejection on the 1D MA50 or the March 08 Lower Highs trend-line, will be a sell signal (short-term) towards the 4H MA50 (blue trend-line).
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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.