Pullback Position - Gold
Updated
https://www.tradingview.com/chart/UUfuKOVV/
The European Indices show positivity and the American indices are back on track after a period of tension that caused a wispy horizontal trend. The safe haven is left. Money back in the market.
We see a long swing on the day chart of gold caused by the safe haven function gold tend to have. Many European indices show a overbought status as we cross the moving average on a bullish manner and show trend reversal. No entry possibilities here if I follow my system. Then the next option is short gold to follow the pullback towards the sma as we created a big distance in price. As we take a look at the chart we see the target set with Pink and Purple lines. This zone is the expected retracement zone. This zone is created by Fibonacci in combination with the rsi+BB and the price with support zones in mind. Our previous high at $1357.58 is our alert level. Breaking this will change the technical field and denies this position.
As we take a look at the weekly chart we can see that we hit the overbought line. We could see a bounce of this as we go down upcoming days.
The European Indices show positivity and the American indices are back on track after a period of tension that caused a wispy horizontal trend. The safe haven is left. Money back in the market.
We see a long swing on the day chart of gold caused by the safe haven function gold tend to have. Many European indices show a overbought status as we cross the moving average on a bullish manner and show trend reversal. No entry possibilities here if I follow my system. Then the next option is short gold to follow the pullback towards the sma as we created a big distance in price. As we take a look at the chart we see the target set with Pink and Purple lines. This zone is the expected retracement zone. This zone is created by Fibonacci in combination with the rsi+BB and the price with support zones in mind. Our previous high at $1357.58 is our alert level. Breaking this will change the technical field and denies this position.
As we take a look at the weekly chart we can see that we hit the overbought line. We could see a bounce of this as we go down upcoming days.
Note
As long as the indices are rising the gold will decrease is what some may say. This is true. Unless there is a underlying tension building up again. Lets see how long the market can go up..
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