Gold: New Uptrend and 1800$ as Alternative
For me, Gold market looks bullish in the long run.
As for the short term, it can be bearish and even reach 1800$ support.
If you look at the 4H chart, you will see an amazing trade opportunity for shorting. If you know how to trade using breakout and reversal signal from the key zone, you would make a good profit shorting below 1900$. You know these setups, don't you?
What's next? The price reached the local support and we should be ready to see a pullback to the daily downtrend line. The resistance zone at 1900$ and this trend line will be able to reverse the upward movement and give a new trade opportunity for shorting. The main target for the bears will be 1848$ support. Look at the price action at this zone. We got a reversal chart pattern and a new upward movement. We should be ready to see the same pattern again. This support looks like a good zone for a new upward movement in the direction of the main uptrend. The breakout below this zone will push the price toward 1800$ support.
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.
As for the short term, it can be bearish and even reach 1800$ support.
If you look at the 4H chart, you will see an amazing trade opportunity for shorting. If you know how to trade using breakout and reversal signal from the key zone, you would make a good profit shorting below 1900$. You know these setups, don't you?
What's next? The price reached the local support and we should be ready to see a pullback to the daily downtrend line. The resistance zone at 1900$ and this trend line will be able to reverse the upward movement and give a new trade opportunity for shorting. The main target for the bears will be 1848$ support. Look at the price action at this zone. We got a reversal chart pattern and a new upward movement. We should be ready to see the same pattern again. This support looks like a good zone for a new upward movement in the direction of the main uptrend. The breakout below this zone will push the price toward 1800$ support.
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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