GOLD, Buy or Sell ?As of 21st May 2021
Current Trend: Upward
Start of Upward trend: 31/3/21
RSI: Around 72
MACD Crossover: Shortline over Longline (Blue over red)
MAE: Stock trading above 26 Day moving average
Current Resistance level: 1861-1863
Bollinger Band: Currently trading near (1.618) level of BB, which also serves as a current resistance level.
The price has broken the current resistance level and (1.68) Bollinger Band level but it has not broken it with volume also it constantly is making Doji and Spinning top candles which are neutral and indecisive candles. These candles also indicate a possible trend reversal.
Moreover, the strength of newly formed candles is constantly decreasing.
Analysis: The prices of Gold can decrease in the coming future up to the levels of 1835-1837.
Go short once the level of 1861-1859 is broken with volume.
(One principle which I also kept in mind during analysis is the hype in the market related to the rising prices of gold.)
Feel free to comments below...
