Gold bearish longterm sentiment
from a multiple time Analysis i observed that Gold reached a key level or resistance structure and that alone is an alert to look for bearish setups. Frome weekly timeframe we saw a momentum loss on the bulls and to battrace the idea there are two hummer candlesticks with a bearish engulfing confirmation (evening star).
*USING THE FIBONACCI the price found resistance on a 61.8% level with which to me its a good areas to seek continuation.
# constructing a channel will also clarify and reinforce the expected direction, i observe a 3rd touch on my upper channel trend line.
from 240min time frame we can seek for counter trades but without insane tps, im also considering a long position for today but at the back of my mind im looking for bearish setups to hold
*USING THE FIBONACCI the price found resistance on a 61.8% level with which to me its a good areas to seek continuation.
# constructing a channel will also clarify and reinforce the expected direction, i observe a 3rd touch on my upper channel trend line.
from 240min time frame we can seek for counter trades but without insane tps, im also considering a long position for today but at the back of my mind im looking for bearish setups to hold
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