Gold - we are overbought, will there be a correction after ATH?

24 בינו׳

Hi guys , we are looking into GOLD (XAU/USD). We have reached back to the ATH levels around 2,800 area. Currently on 1H and 4H the price is moving quite high in the RSI Indicator , reaching very overbought levels.

Currently with President Donald Trump sitting on the chair in the White house we are seeing quite a lot of fundamentals which are reflecting over gold. This is why my entry would be build up as following:

Entry: Pending order - Sell Stop @ 2,790 with following targets

TP1: 2,760
TP2: 2,720
TP3: 2,690

Your stop loss can be based on your risk management strategy, but I would open it without and monitor the trade so I can follow up if the price continues above ATH and we have an Ascending Bull run, I would close and re-visit the strategy.

Tell me in the comments what are your thoughts about this set-up and your overall analysis on Gold (XAU/USD)

28 בינו׳

עסקה פעילה

1st target has been reached and price has rebounded around the 1st strong support area, so we can look into how the price will move from here, I can give a suggestion for a positive stop loss to protect your trade, but we are very close to Target 2, and finalizing with target 3 ahead of us.

30 בינו׳

הערה

After reaching the strong support area , the price has rebounded to our entry level, monitoring closely to see what would be the next course of action!