Gold Bulls in control of this trade above the 200MA passing the 38.2% fibo, with a view now of pushing towards $1,313 the 50% Level $XAUUSD.
Where do you think this is going to move?
Bearish divergence possibly indicates signs of weakness in the market trend and that a reversal may occur from uptrend to downtrend.
It is formed when price forms a higher high and your chosen indicator forms a lower high.
In the daily chart above we can see Gold against the U.S dollar sell off after bearish divergence formed with the MACD and RSI.
Combined...
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
Brett Steenbarger “Routine is necessary for efficiency; breaking routine is necessary for adaptation.”
Trading/Investing books that I highly recommend. Some of them are listed below;
1. Brett Steenbarger's books
2 . Van Tharp's books
3. Pit bull
4. Millionaire Traders
5. Think and Grow rich
6. Trade mindfully
7....
Gold is by far one the instruments that you can trade easier and effectively with just about any good strategy. Mostly supply and demand or Volume analysis Trading and that my opinion. Gold always gives clear insight on price action which makes it easier for every analyst or novice trader. On the Chart I will be explaining the Supply & Demand strategy. First you...
