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Hello traders! Gold forecasting and technical analysis are already here. We do our analysis on the MetaTrader4 (MT4) platform. Here you can find some very interesting and useful tips and tricks on the MT4 platform. For more information on our way of trading and the technical analysis we use, see Traders Academy Club Spoiler alert: There are free subscriptions.
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Gold H4 chart analysis (4 hours): key resistance area, bearish hidden divergence
In Chart H4, we have a strong resistance zone that has formed and the rising price is currently approaching this strong resistance zone. In addition, the 200 moving averages match at the same level, making this area a key resistance area for us. In addition to this, we have a hidden bearish divergence that has formed between the first high that formed in 1831.70 and the second high that formed in 1782.51, followed by a continued bearish divergence based on the MACD indicator. We can consider them as bearish pressure tests and, moreover, there are currently no signs to oppose this bearish view. So in my POV, based on all of this, there are two possible scenarios here. The price may drop directly from the current zone or alternatively the price may generate a higher momentum, reach key resistance and then bounce lower from that zone. Either way, my vision remains bearish until the key resistance zone remains.
It is always recommended to look for confirmations before jumping into any operation. If you are unsure of how to change this sell setting, you can use any setup and strategy you have in your arsenal to look for bearish moves and join this sell trade.
Also, don’t forget to protect your sales trade with a stop loss and make sure you set a goal and maintain an appropriate risk / reward ratio.
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