GOLD - Can Rise More But Limited Gains Ahead
Gold was able to stablize above 200-day MA at 1810 for a couple of sessions, and today it made a higher high for the daily session. Sure gold looks bullish short term given indicators reading but now gold is facing important resistance zone around 1825-1835.
Please note that 50-week MA is at roughly 1825. And for the past bullish trend in 2019-2020, this 50-week MA has provided supports for the trend. Now gold must overcome and close a minimum of 1 to 2 weeks above this 50-week MA or rougly 1825 for further bullishness.
The left structre also shows big resistance around 1830-1835 level when gold failed a few attemps in August which created a double top.
Hence in short term gold could rise a little bit more but it is quite vulnerable for a correction. The bullish structre also looks weak given that the recent rise from 1675 looks kinda choppy.
It might be a good idead to short from resistance zone 1825-1835 with strict stop loss. If gold drops from this level, 1st support around 1790-1800 and 2nd support around 1750-1765.
Please note that 50-week MA is at roughly 1825. And for the past bullish trend in 2019-2020, this 50-week MA has provided supports for the trend. Now gold must overcome and close a minimum of 1 to 2 weeks above this 50-week MA or rougly 1825 for further bullishness.
The left structre also shows big resistance around 1830-1835 level when gold failed a few attemps in August which created a double top.
Hence in short term gold could rise a little bit more but it is quite vulnerable for a correction. The bullish structre also looks weak given that the recent rise from 1675 looks kinda choppy.
It might be a good idead to short from resistance zone 1825-1835 with strict stop loss. If gold drops from this level, 1st support around 1790-1800 and 2nd support around 1750-1765.
Trading ditutup: target tercapai
Closed posy at 1796. Gold could go down more but good profit so no need to be greedy.
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.
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.