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.
Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us