Gold 4 R:R trade
1. Strond support (1956-1951)
2. Strong Resistance (1974-1984)
3. USD is becoming weaker because of poor economical events.
4. 200 EMA is below the price on daily basis
5. proper price action we can see on gold
disclaimer: This Analysis is only for (09Jun -17Jun)
Gold has possibly completed its complex correction in wave II and now it looks like wave III is unfolding, today it has given breakout from the down sloping resistance trendline, along with macd positive crossover and uptick in daily time frame, other indicators are also giving positive signs of uptrend at breakout point, as wave III unfolds, gold can possibly...
As per my last week idea, there was a strong rejection zone formed on the upside. In the last trading sesssion we saw GOLD break the drawn Rejection line with a small breakout above into our accumulation zone.
Currently, GOLD has taken support along the previous rejection line.
