Hi Traders! We have an amazing Gold buy setup forming at the moment. A detailed analysis of this setup is as follows:
Gold H4 Chart:
On the H4 chart after the bearish cycle that we had, we got a false break at the bottom(marked in the blue line in the screenshot). We also had a bullish divergence that has formed and the price moved higher breaking above last high(marked in green dotted line). Thus the price created higher highs, creating a classical setup in the form of bullish divergence followed by bullish convergence. We got further confirmations in the form of false break and breakout of the last high, creating a perfect setup for buys.
Now we may expect some corrections to happen as shown in the screenshot and once this correction completes itself we may then expect the bullish momentum to continue further and join the bulls.
Once we get confirmation of bullish momentum we can then start looking for buys. It is always recommended to look for confirmations before we jump into any trade.
Note: This scenario is valid as long as the last low(marked in green dotted line at the bottom in the screenshot) is holding .
If you are not sure how and when exactly to enter you may use: Crystal Ball and Forex Libra Code as well as sRs Trend Rider and Forex Triple B later on once the trend is confirmed.
If you want the Forex Libra Code you can purchase it here
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If you want the sRs Trend Rider 2.0 you can download it for free. Click on the button below to get your copy.
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