Gold: Profitable Trades and Further Market Movement
In this post, I wrote about bullish setups. The price reached the 1st profit target. The 2nd trade is active, and we can move the stop orders into the breakeven.
What's next?
I offer to look at the daily time frame in order to understand a possible market movement.
We can see that the price broke SMA200, which gave us a solid bearish signal. But the price bounced from 1764$ and moved above SMA200. If we get the close price of the daily candle above SMA, it will give us a false breakout and a reversal signal. It will be a bullish signal. RSI is going to support the price reversal, and the same goes for MACD histogram. These bullish signals tell us that we should be ready to see an upward movement toward 1848$ resistance. If the price breaks this resistance, the next goal for the buyers will be 1900$.
Will the market continue the main bullish trend? I don't know. For this, I would like to see a breakout above the main downtrend line.
Now we can use the descending price channels for trading. The price is going to bounce from the support line of the price channel and move upward. The upward movement will be in the structure of a local bearish trend.
And what do you think about the further market movement? Share your ideas in comments below this post.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
What's next?
I offer to look at the daily time frame in order to understand a possible market movement.
We can see that the price broke SMA200, which gave us a solid bearish signal. But the price bounced from 1764$ and moved above SMA200. If we get the close price of the daily candle above SMA, it will give us a false breakout and a reversal signal. It will be a bullish signal. RSI is going to support the price reversal, and the same goes for MACD histogram. These bullish signals tell us that we should be ready to see an upward movement toward 1848$ resistance. If the price breaks this resistance, the next goal for the buyers will be 1900$.
Will the market continue the main bullish trend? I don't know. For this, I would like to see a breakout above the main downtrend line.
Now we can use the descending price channels for trading. The price is going to bounce from the support line of the price channel and move upward. The upward movement will be in the structure of a local bearish trend.
And what do you think about the further market movement? Share your ideas in comments below this post.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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