I see some downside on GOLD. I am always Bullish on gold however, there are quite a few reasons for price to relax a bit:
-There was a nice "High Wave" candle right at the 200EMA, which we have pulled nicely back up within for a better entry.
-Hitting a 1hour 200EMA
-Hitting a 4hour 55EMA
-Forming a potential double top, continuing its downtrend.
-MACD is showing bearish on 1 hour.
-RSI is approaching overbought
Lets see how this rolls out. 1% risk 2:1RR -Happy Trading
-There was a nice "High Wave" candle right at the 200EMA, which we have pulled nicely back up within for a better entry.
-Hitting a 1hour 200EMA
-Hitting a 4hour 55EMA
-Forming a potential double top, continuing its downtrend.
-MACD is showing bearish on 1 hour.
-RSI is approaching overbought
Lets see how this rolls out. 1% risk 2:1RR -Happy Trading
Trade active
I forgot to mention the psych level of $1300 of course!Trade closed: stop reached
Blew threw all analysis and rocketed northward! On to the next opportunity!
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.
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.