Welcome. We start quickly with the currency pair that is most often played by individual investors. The trend is unquestionable and it looks like it won’t end as soon as everyone would have expected. If someone enters a transaction without securing orders, he is now probably paying extra to the deposit so that the position is not automatically closed by the broker. If we look at the W1 chart in the second image, we can see the trend that continues, and even the pandemic has failed to change direction. But we invest in shorter time frames.
Overall, we are approaching the next support, but after the recent erroneous signals, I will hold back before deciding to trade.
After breaking the level, gold stays under the designated trend line and until it is below it, we have a downward trend. In my opinion, we will wait a bit for long positions, at least until new corrections form and a new trend breaks out, but….
If we look at the second image, we will see something very interesting. oRGR? There is a chance to complete the formation, the only problem is to determine the level of a possible rebound, so I will be waiting for a reaction from the market. The line can run directly over the peaks at the level we are practically at, that is; 1830. Or diagonally after the last revision, that is: 1800 USD
In fact, we have the first signal that I am waiting for which I wrote about last week. There is a volume so there is a chance that investors have started taking profits from short trades. Now we are only waiting for the volume to increase the price and we have a book rebound that additionally happened on the support.