Update # 01
July 18, 2021
Good afternoon and happy weekend friends on the MT5 forum. Today we are still in a holiday mood, but for me, it is not so interesting. Since I may have to leave the city tomorrow, the condition of the spread of the coronavirus in our country is very worrying for me, so I stay at home as much as possible.
Now I don't want to discuss the USD roadmap | CAD, I prefer to discuss the GOLD roadmap. As a safe-haven asset, gold is still the best choice for investors. In addition, in the context of uncertain global economic conditions due to the coronavirus pandemic, precious metals have become a fairly safe asset since last year because the long-term impact is smaller than risky assets such as Actions.
4-hour gold chart
Judging from the gold price trend on the 4-hour chart, I'm still in an uptrend. Because, if you pay attention, there is no significant decline, so it can form a new lower support level. If gold prices weaken next week, a new support level will appear as a guide to retest the support level in an upward correction. Technically, the previous price movement was unable to continue its bullish rally above its 200 SMA (red line) and has reversed direction. Yesterday the price tried to test the 50 EMA (blue line) downwards. For example, if the 50 EMA, which is the current dynamic support level, breaks, it may continue to rebound downwards.
I wait for the gold price to break the channel's lower line, and then enter a sell position. Otherwise, the price may rise again because gold is still in an uptrend. J. Powell's skepticism about the Fed's progress, the need to resist policy adjustments and unclear data results, as well as renewed tensions between China and the United States and the coronavirus issue, have soured confidence. The market has allowed increasing the price of gold as a safe asset. ... I prefer fundamental analysis and technical analysis of gold, for reference only, because gold is more liquid than currency pairs, and is volatile when rumors or problems spread.
Thank you, friends, who have different opinions for visiting, hopefully, next week our operations will be even better and the percentage of profits can increase. This is the end of this update. Have a good rest on the weekend and let's freshen up.
"Change what you see, not what you think"