Dear Traders,
You check XAUUSD us from a weekly perspective you will see very clearly that gold is much bearish. I will not advise anyone to focus so much on what RSI or stochastic is saying at the moment as these are lagging indicators, though they tell us something about what is likely to happened based on "OVERSOLD" or "OVERBOUGHT". However, the most important confirmations you need are on the face of the charts and indicators are just there to confirm what the chart is saying. You need too get at least 5 confirmations before using RSI or stochastic to confirm.
I remain very neutral with gold now after making over 800 PIPS selling.
Right now, I need a convincing close below 1787 on 15 mins, 1Hr and 4Her to take a sell trade on a retest. Otherwise I will wait for a close Above 1812 - 1815 zone and buy on a retest to 1832.
Happy Trading!!!!
You check XAUUSD us from a weekly perspective you will see very clearly that gold is much bearish. I will not advise anyone to focus so much on what RSI or stochastic is saying at the moment as these are lagging indicators, though they tell us something about what is likely to happened based on "OVERSOLD" or "OVERBOUGHT". However, the most important confirmations you need are on the face of the charts and indicators are just there to confirm what the chart is saying. You need too get at least 5 confirmations before using RSI or stochastic to confirm.
I remain very neutral with gold now after making over 800 PIPS selling.
Right now, I need a convincing close below 1787 on 15 mins, 1Hr and 4Her to take a sell trade on a retest. Otherwise I will wait for a close Above 1812 - 1815 zone and buy on a retest to 1832.
Happy Trading!!!!
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.
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.