Trading suggestion:
". There is a possibility of temporary retracement to suggested support line (1896).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. Gold/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic...
Gold continue consolidating near our support line. I think price can make some move soon. If XAU will start growing, we can open long position. Our first target is resistance.
Basic chart pattern can only suggest were consolidating for a breakout on either side. with all the Bullish momentum very likely breakout is toward up but need to see retracement too beause no large retracements since start of the move.
As I previously posted Gold is looking bullish and Gold has a number of factors which point to the possibility of a major breakout such as:
1. The 20/50/100/200 DEMA are aligned in a descending order which is a sign of a bull market.
2. Gold has been trapped in an ascending triangle for the previous few days and has closed at the top of the formation.
3. An...
DMI bullish crossover After 1 year,
RSI Above 50 Momentum on the upper side ,
Heikin ashi OPEN=LOW Weekly candle formed.
Equity market is going to correct itself, Take a look at historical data every correction in equity results in bullish rally in gold.
Having battled with 100-day SMA during the end of 2020, gold prices kick-start 2021 on a positive front while crossing a multi-day-old hurdle. Although overbought RSI conditions may challenge the bulls, the November high near $1,965 is in a hand’s reach due to the sustained trend line breakout. During the quote’s upside past-$1,965, the $2,000 threshold could lure...
