Gold - a case to buy on the daily
Gold has been in consolidation recently following an impulsive move up in march/april 2020 , forming a bullish flag pattern.
The uptrend is further reflected with the shorter term moving average (50 EMA) above the longer term ( 200 EMA) .
For an entry long
1. Entry - around $1678 = coincides with support of the flag, at the Monthly S2 pivot and 3SD price movement ( wanting to buy at the extremes)
2. Stop - around $1653 = below the extreme low of wicks from flag
3. Target - around $ 1764 = coincides with Monthly R2 Pivot and 3 SD price movement to upside.
RR = 3.5 +
The uptrend is further reflected with the shorter term moving average (50 EMA) above the longer term ( 200 EMA) .
For an entry long
1. Entry - around $1678 = coincides with support of the flag, at the Monthly S2 pivot and 3SD price movement ( wanting to buy at the extremes)
2. Stop - around $1653 = below the extreme low of wicks from flag
3. Target - around $ 1764 = coincides with Monthly R2 Pivot and 3 SD price movement to upside.
RR = 3.5 +
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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.
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.