Gold retraces after massive sellout
Warning: This is an aggressive trade…
Left chart:
A very strong upward support trend line since July 2017. We found gold can possibly retrace back to 1294 (near the blue upward trend line) or Fib Ret 23.6% (1298).
If this happens, we may have an alert for a bullish MACD divergence. So we called it as PRE-bullish MACD divergence.
On the other hand,
Ichimoku analysis is still in a bearish structure. We found chikou span hooked upward, and the Tenkan-sen and Kijun-sen overlapped, and the price lies the bottom of the red cloud atm. We may expect it is a very strong resistance.
The retracement may finish somewhere near 1292.43
Summary
As there are no confirmation of bullish candlestick patterns, we seem like bottom fishing gold now. All the best !
Left chart:
A very strong upward support trend line since July 2017. We found gold can possibly retrace back to 1294 (near the blue upward trend line) or Fib Ret 23.6% (1298).
If this happens, we may have an alert for a bullish MACD divergence. So we called it as PRE-bullish MACD divergence.
On the other hand,
Ichimoku analysis is still in a bearish structure. We found chikou span hooked upward, and the Tenkan-sen and Kijun-sen overlapped, and the price lies the bottom of the red cloud atm. We may expect it is a very strong resistance.
The retracement may finish somewhere near 1292.43
Summary
As there are no confirmation of bullish candlestick patterns, we seem like bottom fishing gold now. All the best !
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Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.