Gold (XAUUSD) closed yesterday above the 1D MA200 (orange trend-line) for the first time since June 16, making a Higher High on the trend-line that started on the October 04 High. We've discussed about the Ascending Triangle pattern since the September 28 low and with yesterday's move, Gold finally hit our long pursued 1800 target:
Even though closing above the 1D MA200 is a huge development after so many months, we currently see a strong Resistance cluster. First of all, the 1808 Resistance from the August 10 High. Even in the event of a closing above the Higher Highs trend-line, the upside is limited to the 0.5 Fibonacci level (1842.50) and the Pivot Zone (blue) it typically creates. See how the 0.382 and 0.236 Fibs acted as Resistance Zones (the 0.236 recently as Support, thus treating them as Pivots).
As a result this can only be a short-term target, in the event that Gold closes above the 1808 August 10 High. On the other hand, a closing below the 1D MA200 can first test the 4H MA50 (red trend-line) as a short-term Support and then the 0.236 Fib as it did on November 23. The long-term Support, and best buy entry is the 1D MA50 (blue trend-line). A closing below it, turns the long-term trend back to bearish, targeting 1,630.
Notice how the 1D RSI has a Higher Lows trend-line that since September 26 has caught all three bottoms, thus most optimal buy entries. Use that if the RSI touches the trend-line again.
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Even though closing above the 1D MA200 is a huge development after so many months, we currently see a strong Resistance cluster. First of all, the 1808 Resistance from the August 10 High. Even in the event of a closing above the Higher Highs trend-line, the upside is limited to the 0.5 Fibonacci level (1842.50) and the Pivot Zone (blue) it typically creates. See how the 0.382 and 0.236 Fibs acted as Resistance Zones (the 0.236 recently as Support, thus treating them as Pivots).
As a result this can only be a short-term target, in the event that Gold closes above the 1808 August 10 High. On the other hand, a closing below the 1D MA200 can first test the 4H MA50 (red trend-line) as a short-term Support and then the 0.236 Fib as it did on November 23. The long-term Support, and best buy entry is the 1D MA50 (blue trend-line). A closing below it, turns the long-term trend back to bearish, targeting 1,630.
Notice how the 1D RSI has a Higher Lows trend-line that since September 26 has caught all three bottoms, thus most optimal buy entries. Use that if the RSI touches the trend-line again.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, 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 me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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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.