Disclaimer: All information shared is solely for learning purpose and it does not constitute to a buy/sell call.
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Caution: US election is around the corner where we would expect much higher volatility happening in the market.
Gold trading plan:
As mentioned last week, Gold has to go above 1,936 range for bullish uptrend to emerge, otherwise it would be drifting back to 1,850 range.
We have seen that Gold failed to close above 1,936 and the trading band continued to drift lower (breakout – 1,932, support 1,84x).
MACD, RSI and PSAR are all pointing downwards.
In the daily chart, we can see that Gold has broken out of the downward channel but failed to break out the horizontal support at 1,932 level and get pulled back into the downward channel. This is seen as a rejection where Gold would have a higher probability for it to drift further down towards 1,888 range and subsequently to 1,84x range before rebounding back up.
4hrs MACD, RSI & PSAR are all pointing downwards. It would be likely for gold to drift further down to 1,84x range for support before going back up.
As no trading/investments are guarantee sure win, please do your own due diligence and always look at risk to reward and trade with guaranteed stop loss (private message me to know more).
Past article written on how to use guaranteed stop loss; do private message me in Telegram for me to refer you to IG.