Gold trading strategy on 24/2/2023 - Great buying opportunity
Gold price licks its wounds near $1,825, after refreshing the yearly low during a four-day downtrend in the last. The yellow metal seems to cheer a retreat in the United States Treasury bond yields and the US Dollar.
The XAU/USD pair pressures the aforementioned low, down for a fourth consecutive day but without signs of downward exhaustion. The daily chart shows that the pair keeps sliding below a firmly bearish 20 SMA, while the 100 SMA has lost its bullish strength, currently at around $1,789.15. Meanwhile, technical indicators hold within negative levels, the Momentum posting a modest advance, but the Relative Strength Index (RSI) maintaining its downward slope near oversold readings.
In the near term, and according to the 4-hour chart, bears have full control of the pair. It trades below all bearish moving averages, with the 20 SMA providing resistance at $1,834.00. The Momentum indicator remains directionless, just below its 100 level, while the RSI indicator heads south at around 36, in line with another leg lower.
Support levels: 1,811.30 1,797.45 1,782.90
Resistance levels: 1,834.00 1,845.99 1,860.00
Trading recommendation:
Buy 1820 - 1818
Stop Loss: 1815
Take profit 1: 1830
Take Profit 2:1835
Take profit 3: 1840
sell 1843 - 1845
Stop loss 1858
Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830
Note: Always set TP and SL in all trading cases
The XAU/USD pair pressures the aforementioned low, down for a fourth consecutive day but without signs of downward exhaustion. The daily chart shows that the pair keeps sliding below a firmly bearish 20 SMA, while the 100 SMA has lost its bullish strength, currently at around $1,789.15. Meanwhile, technical indicators hold within negative levels, the Momentum posting a modest advance, but the Relative Strength Index (RSI) maintaining its downward slope near oversold readings.
In the near term, and according to the 4-hour chart, bears have full control of the pair. It trades below all bearish moving averages, with the 20 SMA providing resistance at $1,834.00. The Momentum indicator remains directionless, just below its 100 level, while the RSI indicator heads south at around 36, in line with another leg lower.
Support levels: 1,811.30 1,797.45 1,782.90
Resistance levels: 1,834.00 1,845.99 1,860.00
Trading recommendation:
Buy 1820 - 1818
Stop Loss: 1815
Take profit 1: 1830
Take Profit 2:1835
Take profit 3: 1840
sell 1843 - 1845
Stop loss 1858
Take profit 1: 1840
Take profit 2: 1835
Take profit 3: 1830
Note: Always set TP and SL in all trading cases
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