Gold UT divergence on 1HR in possible support zone

15 mar 2022

Daily chart still at an UT, what i used to confirm this was the 200EMA being below market, and the confirmation of new HH's and HL's being made. I made a zone of possible support from the 1959 to 1919 (on the daily chart) these 2 points served as major swing levels in my eyes. Once market has reached this zone i went to the 1hr chart to do my analysis. My analysis of the 1hr chart showed MACD divergence to the upside, this divergence is happening in the zone of possible support i made on the daily chart. MACD line has crossed over the signal line showing be possible long trade set up. For right now the market is above my 20EMA. I use my stochastic oscillator as my OB/OS indicator but as you can see it is neither OB or OS. Still waiting for a possible LONG entry and what i wait for is chart patterns or candlestick patterns. I would love to hear your thoughts and analysis! Remember this is just my analysis, trade carefully and use proper RR set ups.