Trade Recommendation: Gold
by Dmitriy Lavrov at hacked.com
This article was posted on Sunday, 12:47, UTC.
The price diverges with MACD and RSI. It gives us a bearish divergence which is a strong trend reversal signal. We should expect for short term downward movement. RSI confirms price reversal from a possible resistance zone. MACD confirms downward movement. DMI allows open short trades. The daily time frame also provides bearish signals. We have sell opportunity. Pending orders can be placed below SMA20. Stop orders must be above the local swing high. The main profit target is 1325.00 level and the rest part of short positions should be closed near 1300.00 support level. Recommended trading volume for this trade is up to 3% from your deposit.
Sell: 1341.50 Stop: 1358.00 Profit Targets: 1325.00 and 1303.00
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Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors
Edit- Note while we do not endorse the trade recommendation above we showed it here because of its similarity in price levels show Friday. These were related to our concerns about Gold basis December under $1348 having a lot of downside potential. The analyst above uses tools different from our own. While it is tempting to use this type of info to corroborate our own analysis, it is equally apparent that if "everyone" is seeing this, then if it does happen and reverses back higher, if could be a nice tailwind to new highs. So we now see 2 trades here
For our part we are still saying below $1348 could give us a nice washout of $20 to $30. But stops and reversals are in play here too. Especially when we are seeing 3 different technicians see what we see for different reasons.
15 minute spot... it looks like a continuation pattern lower is loading up. But watch the Bollinger bands for a "first way - wrong way" move. Be ready to reverse in a 3 dollar range.
4 Hour Spot- Here's the basis for being concerned below $1348 in December updated from Friday's post...
Regardless, we are bullish and see these as swing trades. The sooner we get a purge of weak longs, the better. - Soren K.
Read more by Soren K.Group