GOLD: Possible short move with the trend, after correction

13.02.2017 / 20:47

Rating:

GOLD:

Date: 13 February, 2017

D1 Graph: Short Trend

Price found a bottom at $1125 and started going up, corrective movement and after break up above the $1215, now the price is at the next resistance. Horizontal resistance at $1250, diagonal resistance and Fibo 50% level. Price does remain below 200 ЕМА. There is a bearish divergence between the price and indicator on D1 graph.

Price Action: Engulfing bar at level of horizontal and diagonal resistance - Possible signal for short.

DEM - Below the overbought zone with bearish divergence - Possible signal for short

Alternative scenario: If the price moves up above the previous high and above the Fibo 50%, this will not only cancel the bearish view but also can give us a signal for long move instead.

Price for Entry short around: $1225

SL: $1250

Trader - S. Fuchedzhiev

Varchev Traders

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GOLD: Possible short move with the trend, after correction

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