Disclaimer: All information shared is solely for learning purpose and it does not constitute to a buy/sell call.
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Gold trading plan:
Gold has gone back into downward trend on the weekly chart where MACD, RSI and Stochastic are all pointing downward.
We can see that 1,85x range have been supported a couple of times where this would become a strong support to take note. If the support is broken, the big chart bullish pattern of Gold would be broken.
After 3 days of red candle, Gold has finally recovered some ground on Friday where it managed to close green. While MACD, RSI and Stochastic are still pointing down, we are seeing early sign of short term technical rebound basis the wave pattern.
It would be important to monitor how Gold moves in the upcoming week. Gold is currently nearing towards the end of the correction and may explode up/down violently in the upcoming week/month.
While the last candle is closing red (back testing support at 1,865-1,867 range), 4hrs MACD, RSI & Stochastic are all in technical rebound mode and would likely to drift upwards on Monday.
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.