$GOLD #GOLD Will it touch Lower Support? Preparing to Buy the Dip.
The price of Gold is Trading since a Month in a big range between 1480 and 1550 and looking at the H12 Chart it seems that we are close to make a move out of it and retest lower support levels which are coming in at the vicinity of 1450.
H12 Stochastic is still pointing down heading into bearish Control zone.
H12 RSI has decreased the middle of the Range while Price stayed quite stable in a narrow range.
As Gold has been a winner over the past months the trend is still not broken to the upside.
So we stay with the Trend and Manage our risk in this direction.
If we break 1480 to the downside we will probably bounce of first support 1460-1440 giving you a good opportunity to “buy the dip” at least for a short-period trade.
The probability of Gold falling through support is highly unlikely so I give it more chance to bounce of Supports.
Especially Looking at the H12 RSI it will give us some insight into Market strength. If it Reaches the 0.786 Fib Level while price touching support you might want to take into consideration to make this trade.
First and little Support 1460-1440 (0.236 Fib)
Next Support (major) 1400-1370 (0.382 - 0.5 Fib)
Have your stops in place and trade Safe!
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You can copy and follow my Trades on eToro
www.etoro.com/people/koboltrading
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$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL.ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS
The price of Gold is Trading since a Month in a big range between 1480 and 1550 and looking at the H12 Chart it seems that we are close to make a move out of it and retest lower support levels which are coming in at the vicinity of 1450.
H12 Stochastic is still pointing down heading into bearish Control zone.
H12 RSI has decreased the middle of the Range while Price stayed quite stable in a narrow range.
As Gold has been a winner over the past months the trend is still not broken to the upside.
So we stay with the Trend and Manage our risk in this direction.
If we break 1480 to the downside we will probably bounce of first support 1460-1440 giving you a good opportunity to “buy the dip” at least for a short-period trade.
The probability of Gold falling through support is highly unlikely so I give it more chance to bounce of Supports.
Especially Looking at the H12 RSI it will give us some insight into Market strength. If it Reaches the 0.786 Fib Level while price touching support you might want to take into consideration to make this trade.
First and little Support 1460-1440 (0.236 Fib)
Next Support (major) 1400-1370 (0.382 - 0.5 Fib)
Have your stops in place and trade Safe!
===========================
You can copy and follow my Trades on eToro
www.etoro.com/people/koboltrading
===========================
$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL.ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS
