Cabana Capitals Blog Market Insights GOLD:- Another opportunity to buy after retracement

GOLD:- Another opportunity to buy after retracement

GOLD:- Another opportunity to buy after retracement post thumbnail image

Overview:-  By looking at the daily chart we can see that bulls are rocking and seems in a party mood as we can see that in this month the whole credit goes to bulls and initially bulls breached the downtrend channel and then it marked a high of 1998.68$  level where 1450$  was a psychological level and bulls able to break this level.

Every swing is making successively lower highs and lower lows, but recently we have seen some correction after a strong buying from past couple of days. Bulls are in party mood and seems like they are approaching the 1800$ level. The short term trend is up and in a bullish market just buy on dips as long as 1680$ level remains intact we will keep our view bullish.

Technical prospective:- From technical prospective we can see that a flag pattern is in process of formation where only bulls are leading and playing the game at front foot. Well the recent correction is another opportunity to buy again. Overall pair is trading and sustaining above the moving average lines which is favoring the bulls. The bullish crossover on MACD indicator is flashing the bullish signal and RSI also arrived into positive territory.

retracementTrade idea:-  Based on chart and studies above we can suggest that buy the pair at 1675$ for the target of 1750$ and 1800$ with the tight stop loss of 1645$.{WAIT FOR ENTRY}

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