Monthly chart: The pair is aimed to upper Bollinger band (2169.5), and then there will be a pivot. ADX/RSI indicator shows it now.
Week chart: the same picture, although ADX shows upward direction here.
Day chart: local resistance is situated at 2130.4 (upper Bollinger band). Support – at middle Bollinger band (2055.2).
Expectations: Main plan – growth to 2130.4 and then a correction to 2055.2.
The alternative plan – breakthrough above 2130.4 and growth to 2169.5.
Trading solutions: 1) Buy to 2130.4 2) If you see any short signals – open short orders to 2055.2.
Monthly chart: so, breaking news from bears! Lower Bollinger band dramatic fell more than 2 dollars and now middle target is 28.57.
Week chart: local support - 41.57 (lower Bollinger band).
Day chart: intraday support at 46.63 (lower Bollinger band). Downward pressure isn’t strong now, so some upward correction is expected to appear soon, but you’d better be ready for a decline.
Expectations: Main plan – decrease to 46.64, then a roll back to 49.46.
The alternative plan - decrease to 46.64 and breakthrough to 41.57.
Trading solutions: 1) Short positions to 46.64, 41.57, 28.67 (middle and long term) 2) If you see any long signals in 46.64 area – you can try to get a correction to 49.46.
Monthly chart: there will be a downward breakthrough. ADX has achieved trend lines, so no any middle term buy orders. However, this plan can be only after 1064.68 breakthrough (lower Bollinger band).
Week chart: ADX is inactive now, so down envelope will be broken (1079.18) and then some correction towards middle Bollinger band (1142.27).
Day chart: as we can see, 1079.18 support is very strong so there will be a demand for gold for a while. And ADX is strong too, so breakthrough is possible, and long orders are not safe.
Expectations: Main plan – gold will achieve 1079.18 support and roll back to 1142.27.
The alternative plan - direct breakthrough of 1079.18 and decline towards 1000.00.
Trading solutions: 1) Long positions from 1079.18 is good-looking, but you had better wait for more signals. If you see them, the main purpose is 1142.27 2) Sell from 1142.27 area, if there is a correction. The purpose is lower 1000.00 level.
We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us