During my analysis I have been trying to do a timeframe of day and 4 hours, I have checked whether a pattern would be forming that would cause the gold to either go up or down. (still new in these practices). I would think that a pattern called "Tower Top" Is forming, thus meaning a change in trend meaning it will go downwards. I have done the FIB retracement to approximate where would it end. leading to the 0.38 with a price of 1835 and if 0.38 breaks would try to go to the 0.61 which has a price of 1807.
I have tried to check the daily resistance and the 4 hour one, it seems that if it breaks the current 4 hour resistance it might try to look for the daily one, thus going into a bearish trend for some time.
Comments and feedback are appreciated.
I have tried to check the daily resistance and the 4 hour one, it seems that if it breaks the current 4 hour resistance it might try to look for the daily one, thus going into a bearish trend for some time.
Comments and feedback are appreciated.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.