Gold - we are overbought, will there be a correction after ATH?
Hi guys , we are looking into GOLD (XAU/USD). We have reached back to the ATH levels around 2,800 area. Currently on 1H and 4H the price is moving quite high in the RSI Indicator , reaching very overbought levels.
Currently with President Donald Trump sitting on the chair in the White house we are seeing quite a lot of fundamentals which are reflecting over gold. This is why my entry would be build up as following:
Entry: Pending order - Sell Stop @ 2,790 with following targets
TP1: 2,760
TP2: 2,720
TP3: 2,690
Your stop loss can be based on your risk management strategy, but I would open it without and monitor the trade so I can follow up if the price continues above ATH and we have an Ascending Bull run, I would close and re-visit the strategy.
Tell me in the comments what are your thoughts about this set-up and your overall analysis on Gold (XAU/USD)
Currently with President Donald Trump sitting on the chair in the White house we are seeing quite a lot of fundamentals which are reflecting over gold. This is why my entry would be build up as following:
Entry: Pending order - Sell Stop @ 2,790 with following targets
TP1: 2,760
TP2: 2,720
TP3: 2,690
Your stop loss can be based on your risk management strategy, but I would open it without and monitor the trade so I can follow up if the price continues above ATH and we have an Ascending Bull run, I would close and re-visit the strategy.
Tell me in the comments what are your thoughts about this set-up and your overall analysis on Gold (XAU/USD)
Trade active
1st target has been reached and price has rebounded around the 1st strong support area, so we can look into how the price will move from here, I can give a suggestion for a positive stop loss to protect your trade, but we are very close to Target 2, and finalizing with target 3 ahead of us.Note
After reaching the strong support area , the price has rebounded to our entry level, monitoring closely to see what would be the next course of action!
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Join my Telegram community for Forex trading insights, real-time news, educational content and friendly support. Let's grow and succeed together! -
t.me/Capital55DG
t.me/Capital55DG
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.