This was a really exiting week for those of us who trade Gold. Gold was coming from a long bearish market but on the 15th of august things took a turn, the possibility of an impeachment looms over the US president and Powell announcing the need for gradual hikes in the interest rates, in my opinion were the main drivers of the change in a bullish USD and thus a...
I’m only a fan of using MACDI and RSI on a daily chart and only for predicting change in trends, from the looks of this past few days I venture to say we could see a bullish market for gold in this couple of days, how long Will it last??? Who knows,
I’m personally increasing my long position.
I published a similar idea about the Gold trend and I mentioned I only use MACD and RSI in daily charts and only for marking trend changes. Taking all fundamentals aside I see a possible change in the bearish trend of this past weeks.
I’m taking a small long position.
From previous price action I see a posible support level, my guess is it will play between this level for a while, if it breaks 1200 it could venture into a bull market or just pivot down the 1190 and continue the bear market.
