Hi guys! 👋🏻
🔔 There is a breakout confirmation from the falling wedge on a 4 hour Gold chart. The price broke the resistance and retested it as a support.
🔔 The situation around Evergrande and negative NFP and employment data in the US will increase the uncertainty in the markets. Several Central Banks, including the Bank of Japan increased their Gold purchases in August and September. This week might be very volatile especially when it comes to the Non-farm payroll data release.
🔔 The bullishness of Gold is supported by both RSI and MACD indicators. MACD has already crossed the signal line, indicating a further upside continuation, whereas RSI remains in mid-level since June on a daily chart. If the uncertainty grows, the risk of rate hikes and there are signs of a crisis backed by Evergrande, then it will be the time for Gold to continue the climb.
If breakout is confirmed. The continuation of a bullish run.
🔔 If gold is able to close above $1849, watch for the Inverse Head and Shoulders pattern
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 There is a breakout confirmation from the falling wedge on a 4 hour Gold chart. The price broke the resistance and retested it as a support.
🔔 The situation around Evergrande and negative NFP and employment data in the US will increase the uncertainty in the markets. Several Central Banks, including the Bank of Japan increased their Gold purchases in August and September. This week might be very volatile especially when it comes to the Non-farm payroll data release.
🔔 The bullishness of Gold is supported by both RSI and MACD indicators. MACD has already crossed the signal line, indicating a further upside continuation, whereas RSI remains in mid-level since June on a daily chart. If the uncertainty grows, the risk of rate hikes and there are signs of a crisis backed by Evergrande, then it will be the time for Gold to continue the climb.
If breakout is confirmed. The continuation of a bullish run.
🔔 If gold is able to close above $1849, watch for the Inverse Head and Shoulders pattern
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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TP1
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz
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🤖 I am one of the 11K TradingView users who trade on BingX - bingx.com/partner/Aziz