Gold: Trade Opportunities between SMA200 and 1848$ Support
The price broke 1848$ resistance and reached SMA200. We can see how SMA200 could stop the upward movement, and we got a reversal signal. If we combine the price action between SMA200 and 1848$ resistance, which is acting as new support now, we will have a bearish divergence. It is a bearish signal in the direction of the local downtrend.
If we talk about a possible bearish setup, we have the trend reversal signal based on the bearish divergence. For shorting, we just need to wait for a breakout below the local uptrend line and 1848$ support. RSI confirmed the price reversal and gave a bearish signal. MACD gives bearish signals as well.
If you want to buy, watch for the price action at 1848$ support. If the price bounces from this zone and moves above SMA200, it will be a bullish setup with the main target at 1900$ resistance and the daily downtrend line.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If we talk about a possible bearish setup, we have the trend reversal signal based on the bearish divergence. For shorting, we just need to wait for a breakout below the local uptrend line and 1848$ support. RSI confirmed the price reversal and gave a bearish signal. MACD gives bearish signals as well.
If you want to buy, watch for the price action at 1848$ support. If the price bounces from this zone and moves above SMA200, it will be a bullish setup with the main target at 1900$ resistance and the daily downtrend line.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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