Hi guys,
i don't trade gold yet but i want to apply some of my structure analysis here for i think this could be interesting. As you can see price is now testing a resistance zone, that also lines up with the 618 retracement of the bigger daily leg.
On the bottom of the screen you can also see some divergence on the RSI. At the moment price is also showing some rejection in a form of an engulfing candle.
Risk to reward is very nice.
If you are conservative you can wait for additional confirmation, like a break of the trendline.
If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
i don't trade gold yet but i want to apply some of my structure analysis here for i think this could be interesting. As you can see price is now testing a resistance zone, that also lines up with the 618 retracement of the bigger daily leg.
On the bottom of the screen you can also see some divergence on the RSI. At the moment price is also showing some rejection in a form of an engulfing candle.
Risk to reward is very nice.
If you are conservative you can wait for additional confirmation, like a break of the trendline.
If you want to share your thoughts or ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Comment:
Trendline broken and good sign of reversal at the retest of the broken structure:
Trade closed: target reached:
First target would have been hit:
Trade closed: target reached:
Even the second position would have been hit!