FX.co ★ PK-HERO | PK-HERO TRADING JOURNAL

PK-HERO TRADING JOURNAL UPDATE 28 April 2024

Gold price movements seem to be still in a downward correction phase which has passed the psychological level of 2300 and formed low prices of 2290. However, the bullish trend conditions which are still strong can immediately push the price back up towards 2352 approaching resistance 2360. Prices are currently seen consolidating around the EMA 50 which will likely determine its next direction. If the price that is trying to continue the upward rally is reflected on resistance, then the price can test the support of 2301 or the psychological level of 2300. A downward correction may go towards SMA 200 as dynamic support. If you observe the Awesome Oscillator (AO) indicator's point of view, the momentum has actually started to show an uptrend. Because the green histogram volume is above level 0 but has not yet widened that much. On the other hand, the Stochastic indicator gives the possibility that the price will move down because the parameter has crossed before reaching the overbought zone. However, gold price movements tend to be heavily influenced by the outlook for the US Dollar currency. Moreover, in the middle of the week there will be a FOMC meeting to discuss the Fed's interest rate policy. Position entry setup: Trading options are waiting for the BUY moment because looking at the distance between the EMA 50 and SMA 200 which is still far away there should be no change in trend direction. The psychological level of 2300 and support of 2301 can be used as position entry points. Confirmation after ensuring that the Stochastic indicator parameters have crossed the oversold zone. The histogram of the Awesome Oscillator (AO) indicator must show uptrend momentum by being above level 0. Resistance 2360 for take profit and stop loss around SMA 200.