From the daily chart we can see the price is approaching the supply zone at 1250.00 from a textbook uptrend of higher highs since November 13th 2018, from the RSI we also see some form of divergence which even though its still premature to confirm it,if it fails to break above the 76.20 which is the high of the year will be confirmation of a reversal. A short above 1245.00 (early entry ) to 1255.00 with Stop Loss at 1285.00 and Take Profit at 1300.00 in a swing trade.
Otherwise happy trading, practice sound money management and good luck.
Otherwise happy trading, practice sound money management and good luck.
Trade active:
Current market price is at 1327.63(market closed), and the strength of the fall is not yet complete based on the daily bearish pin bar that formed on the 20th, and the 200 and 50 EMA currently being below the market price.The next target the market might be aiming for is 1305.00, which is the resistance previously turned support. In fundamentals aspect trade negotiation between the US and China look promising hence a stronger dollar, there is US forth quarter GDP on the 28th February, and other news releases which could affect the sensitivity of the yellow metal.
Comment:
Trade closed: target reached:
Target was reached Monday 4 March 2019, Price has now entered a 4 hour range with support at 1280 and resistance at 1290. A significant break in these levels would signal a target contrary to the breakout.
Comment: