Gold – Sell Opportunity in Bullish Market
Gold/U.S. Dollar FX:XAUUSD
The price reached the resistance zone formed by SMA100 and SMA200. We got a reversal candlestick pattern. RSI is in the overbought zone. MACD lines support the upward movement, but histogram starts falling. These signals tell us about possible reversal from the resistance zone and as a result, we have a new sell opportunity. Entry level should be below the low of the signal candle with stop orders above the high of the signal candle. The market can correct the upward movement and fall to 1300.00 support level . This zone can be used for fixing potential profit.
If the price breaks the resistance zone and moves above 1312.00 level, this trading idea won’t be workable. We will need to wait for new signals.
Source: TW DLavrov