Gold: Trade Opportunities at Support
Gold/U.S. Dollar FX:XAUUSD
The price bounced from the strong support zone . You can see how the price moved at this zone in the past and the same price action we should expect this time.
RSI confirmed the price reversal, and the same goes for MACD histogram.
If the price breaks the local swing high, it will be a bullish signal. We will be able to see an upward movement toward 1900$. The price reversal from the support with the further breakout will give a buying opportunity.
If the price breaks the support, it will be a bearish signal. We should be ready to see a further downward movement toward 1848$ support. It will be possible to catch the downward movement using 5-15m timeframes.
Risk for all trades must be no more than 1% of the capital.
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Source: TW DLavrov