XAUUSD Trading approach based on the MA50 (1D)
Gold reached a harmonic Resistance, previously being a Support.
During the uptrend such levels when tested as Supports and held, extended the uptrend.
If we are on a new downtrend, this level has to hold.
Trading Plan:
1. Sell as long as the price is below the harmonic Resistance (white line).
2. Buy is it crosses above the MA50 (1D).
Targets:
1. 1960 (Resistance 1).
2. 1780 (MA200 1D) and 1740 (lower liquidity level).
Tips:
1. The MACD is also inside its 3 month Resistance Zone. The next Bear Cross will confirm the downtrend.
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During the uptrend such levels when tested as Supports and held, extended the uptrend.
If we are on a new downtrend, this level has to hold.
Trading Plan:
1. Sell as long as the price is below the harmonic Resistance (white line).
2. Buy is it crosses above the MA50 (1D).
Targets:
1. 1960 (Resistance 1).
2. 1780 (MA200 1D) and 1740 (lower liquidity level).
Tips:
1. The MACD is also inside its 3 month Resistance Zone. The next Bear Cross will confirm the downtrend.
Please like, follow and comment!!
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