Gold: Bearish Signals in Bullish Market
Atualizado
The market looks bullish in the daily chart, but the price is not far from the 1st resistance. We should be ready to see a pullback from this resistance, and it will be a possible selling opportunity in the hourly charts.
Let's look at the 1H timeframe where we have a bearish divergence. It is a trend reversal signal. Also, the price broke the local uptrend line, and it is another bearish signal. DMI does not confirm the strength of buyers. After an upside movement to the broken uptrend line and maybe to 1765.00 resistance, we will be able to see a reversal with further downside movement. Reversal signals will be good for opening short positions with stop orders above the local swing high. Profit targets should be 1745.00 support and SMAs. Risk per trade must be no more than 1-2% from the capital.
If the price breaks 1765.00 resistance, the next selling opportunity will be at 1800.00 resistance.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Let's look at the 1H timeframe where we have a bearish divergence. It is a trend reversal signal. Also, the price broke the local uptrend line, and it is another bearish signal. DMI does not confirm the strength of buyers. After an upside movement to the broken uptrend line and maybe to 1765.00 resistance, we will be able to see a reversal with further downside movement. Reversal signals will be good for opening short positions with stop orders above the local swing high. Profit targets should be 1745.00 support and SMAs. Risk per trade must be no more than 1-2% from the capital.
If the price breaks 1765.00 resistance, the next selling opportunity will be at 1800.00 resistance.
P.S. as I don't use like-bots and other solutions that show great "interest" to my posts, I will be grateful if you support my work by your LIKEs and comment. Of course, if you can do it. The feedback from REAL people is priceless!
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Nota
For those who think that the markets must follow all signals from indicators and the price action. I wrote: "If the price breaks 1765.00 resistance, the next selling opportunity will be at 1800.00 resistance."
There were solid bearish signals and I described them. The price broke the resistance and continue the upside movement. It does not change the whole picture as in the daily timeframe the price is at the resistance zone and buying is not a good idea. The next possible reversal should be at 1800.
And here is another example of why we use stop orders.
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