XAUUSD:Continue selling after the rebound
The US dollar index is consolidating at high levels, maintaining its strong position and exerting continuous downward pressure on gold prices, diverting funds and limiting the upside potential.
MACD (12,26,9): On the 1-hour chart, the upward momentum is slightly increasing, with the two lines crossing the zero line and opening upwards, indicating strong short-term rebound momentum. However, the larger charts remain bearish, limiting the rebound's strength.
Trend Assessment: Currently, gold is in a weak rebound from low levels. It's advisable to wait for a rebound and then sell at resistance levels. Going long requires caution.
The 1-hour gold chart shows the current price is in a rebound phase, with strong short-term resistance around 4600, which is highly likely to be a short-term high. The key support level is around 4315; a break below 4315 would open up further downside potential, with a target of 4280-4250. The 1-hour MACD histogram shows a slight increase in bullish momentum, with the MACD lines crossing upwards, indicating a short-term need for upward correction. However, the overall downtrend remains unchanged, and any rebounds should be used as opportunities to sell.
Trading Strategy: Sell at resistance!
SELL: 4600near, SL: 4620, TP: 4560-4540;
Wait for a break below 4315 and then sell following the trend!
SELL: 4315near, SL: 4340, TP: 4260-4230;
source https://www.tradingview.com/chart/XAUUSD/GNvITd18-XAUUSD-Continue-selling-after-the-rebound/
No comments:
Post a Comment