- April 15, 2021
- Posted by: Tradingshot Articles
- Category: Commodities
Finally the precious metal has broken above the 1760 Resistance which has been holding since February 26. The reason behind it wasn’t the DXY or the rise on stocks but the strong daily sell-off on the US10Y, which broke below its own 4H MA200 for the first time since November! Whether that is enough to kickstart a correction, thus a sustainable uptrend on Gold on the long-term (month-to-month basis) it remains to be seen.
On my latest XAUUSD (see chart below), I focused on how the (at the time) emerging Golden Cross on the 4H time-frame was the key in an uptrend to 1800/ 1825 as it had many similarities with the December 2020 price action.
On the current study I take this on the 1D time-frame, which also shows many similarities both on the RSI and MACD. Another break-through is that today the price not only broke the 1760 Resistance but also the 1D MA50 for the first time since February 02.
Based on the December 2020 fractal, 1800 is a reasonable level to target as it is on the 1D MA100 (green trend-line), which was the first stop on the December (21st) uptrend. 1825 is eyed too as it is where the 1W MA50 is projected to be (and as mentioned on the previous idea is the pivot on the long-term).
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot’s 💰 top TradingView Coin donor 💰 this week ==> kylevd23