PAXGUSD 1D and 2h: tradingview.com/x/mOn3qvOV/Gold being below the EMA99 (approximately 8.25 days) and EMA200 (approximately 16.66 days) on the 2-hour candles suggests a short-term bearish trend. However, the broader context from other time frames provides a more nuanced view:
1-Day Candles: Gold is above both the EMA99 and EMA200, indicating a strong longer-term bullish trend. This is a clear buy signal for those focusing on the daily trend.
4-Hour Candles: Gold is about to cross above the EMA200 but has not yet crossed above the EMA99. This suggests a potential shift to a bullish trend in the medium term, but it is not yet fully confirmed.
30-Minute Candles: Gold has just crossed above the EMA99 but not yet the EMA200. This indicates a very short-term bullish trend, reinforcing the buy signal.
Given these signals, the 2-hour bearish trend might be a temporary pullback within a broader uptrend. The 1-day and 30-minute candles strongly suggest a bullish outlook, making it a potential entry point for long positions. Traders should consider the following:
Entry Point: The current price on the 2-hour candles could be a good entry point for long positions, as it might be a temporary dip in a broader uptrend.
Risk Management: Use stop-loss orders to manage risk, especially if the price moves against the position.
Confirmation: Look for additional confirmation from other technical indicators and monitor the price action closely.
In summary, while the 2-hour candles show a bearish trend, the 1-day and 30-minute candles provide strong bullish signals. This makes the current price a potential entry point for long positions, with the understanding that the short-term bearish trend on the 2-hour candles could be a temporary pullback.
