- March 11, 2021
- Posted by: cabana-admin
- Category: forex trading
General overview: The gold pair is showing a stronger corrective rally towards the buy-side in the market. The gold is trading near level 1731 and the pair keeps trying to move ahead in the market. The pair is showing stronger movement ahead in the market. The market is showing a stronger rise in the market. The metal shows the strong correction the breakout level 1722 and moving stronger ahead in the market. The metal is showing a breakout of an inverse head and shoulder pattern in the chart and keeps trying to move forward towards the market. The bullish bias would be invalidated if prices drop below the former hurdle-turned-support of the inverse H&S pattern. President Joe Biden’s $1.9 trillion stimulus plan approved by Congress on Wednesday is expected to power the US economy to its strongest economic growth rate in 40 years.
Technical overview: From the technical point of view we can see that market creates a bullish view in the market. The daily chart gives us an overview of the bullish trend in the market. The pair is breaking the support of the daily chart and creates the buy-side towards in the market. On the 4 hourly chart market is above the EMA lines and taking support from the moving averages it will rise upward direction. The indicators are also supporting the market and move towards the higher side in the market. as the RSI also crosses its 50 levels and creates buy signals in the market as well as MACD also crosses the zero level and stand towards the buy position in the market. on the hourly chart, the pair is showing the inverse head and shoulder pattern and causes a breakout level toward the metal, and creates the bullish pair in the market. The support level is 1720 followed by 1700 as well as resistance will be 1750 followed by 1770
Trade idea: Our traders move towards buy-side at level 1730 and target will be 1750 -1765 and stop loss will be 1700.
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