Hi Traders! We have Gold bullish setup forming at the moment. A detailed analysis of this buy opportunity is as follows:
Gold D1 Chart:
On the daily chart we have a good downtrend line that has formed and the price which was respecting this dynamic resistance so far has currently broken above it. We may consider this as an evidence of bullish pressure and as long as the breakout holds, we may now look for more evidences of bullish pressure on lower timeframes in order to join the bulls.
Gold H4 Chart:
On the H4 chart the price which is moving higher has created higher highs, which we may consider as an evidence of bullish momentum. We may now look for pullbacks and buys with more bullish evidences.
Gold H1 Chart:
On the H1 chart currently it looks like a pullback is happening, we also have a bullish hidden divergence that has formed which we may consider as an evidence of bullish pressure. We may now look for more evidences of bullish pressure in order to start looking for the buys.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.
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