Gold: The Price Action at Resistance. How to Trade?

What's new in the Gold market?
The price tries to break 1558.00 one more time. The 1st attempt failed, and probably the 2nd will have the same results. The resistance is rather strong, and it can be a starting point for a new downward movement to SNAs and the uptrend line.

MACD histogram supports the further downward movement. RSI confirms the price reversal, but it is not so strong.

DMI tells us about range market conditions, and in the current situation, it is a more bearish signal than bullish. Even if the price tries to break 1558.00, we should be ready to see a false breakout.

I would like to sell following the reversal signal. Stop orders must be placed above the local swing high and the resistance level. Profit targets should be at SMA100 and SMA200. But it is a sell signal against the main uptrend. Such type of trading is not for everyone. If you prefer to use trend following signals, wait for reversal signals from the support zones.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.