CFcryptoTA

GOLD daily frame suggest a bounce

Long
TVC:GOLD   GOLD CFD's (US$ / OZ)
Gold daily frame looks good. There are different signals suggesting a possible reversal is in play. we have a piercing pattern formed by last candles. gold clean break the resistance at 1210 provided by the hammer back in july and we can expect it will turn into a support. The oscillator all present a strong bullish divergence with the rsi squeezed between the new support and the 7 month downtrend resistance, good sign of an imminent bounce and break out.Bullish cross in the stoch.Both disparity index (26&14) present a bullish divergence in oversold conditions. The bottom of the BB has been punctured which is usually followed by a consolidation or bounce. the price is currently fighting with the tenkan which is first gold resistance and my target at 1220.My second target is 1231 which is provided by the kijun and 50 EMA both strong resistance. My final target instead is1243. Every time a target is hit i will look to take profit and readjust my strategy to check if any relevant sign is presented by the market. my stop loss is at 1200 to avoid any fake out. i expect a retracement to 1208-1210 in the next couple of days to then bounce from the new support.
Always do your own research, my charts are only for educational purpose.

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