Gold: Bullish Market with Bearish Signals
The daily chart shows us that the market is in a bullish trend. If so, we should search for buying opportunities from SMAs and uptrend lines.
At the same time, we can see that the price is far from SMAs, and we should be ready to see a correction. It is not a good idea to open long trades right now, but it is possible to think about selling.
The market gives us a trend reversal signal based on a bearish divergence. It is a bearish signal as well, and it allows us to search for selling opportunities. The best sell signals will be based on reversals from 1765.00 resistance. If the price moves above it, the 2nd resistance will be at 1800.00 level. Stop orders must be placed above the local swing highs. Profit targets can be at SMAs with 50 and 100 periods. Risk per trade should be no more than 1-2% from the capital.
The breakout below the local support zone will give another sell signal. We will be able to use it to add more size to short positions.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
At the same time, we can see that the price is far from SMAs, and we should be ready to see a correction. It is not a good idea to open long trades right now, but it is possible to think about selling.
The market gives us a trend reversal signal based on a bearish divergence. It is a bearish signal as well, and it allows us to search for selling opportunities. The best sell signals will be based on reversals from 1765.00 resistance. If the price moves above it, the 2nd resistance will be at 1800.00 level. Stop orders must be placed above the local swing highs. Profit targets can be at SMAs with 50 and 100 periods. Risk per trade should be no more than 1-2% from the capital.
The breakout below the local support zone will give another sell signal. We will be able to use it to add more size to short positions.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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