GOLD Going close to last LL
Updated
My analysis suggests that the price might approach the last Lower Low.
However, it's important to exercise caution around the 1903 level. There's a notable FVG that could impact price dynamics within the same supply zone, potentially you can take order sell here.
On the daily chart, the downward momentum for gold persists following its breach of the ascending support trendline originating in February. This breach has signified a significant departure from the prevailing uptrend that characterized the period from the latter part of the previous year until early April. Considering this, the technical outlook is becoming notably bearish.
The immediate support level resides at the 38.2% Fibonacci retracement level, positioned at 1903. Should there be a conclusive close below this juncture, it would bring into play the midpoint at 1848.
My goal for this idea is 1897.77
However, it's important to exercise caution around the 1903 level. There's a notable FVG that could impact price dynamics within the same supply zone, potentially you can take order sell here.
On the daily chart, the downward momentum for gold persists following its breach of the ascending support trendline originating in February. This breach has signified a significant departure from the prevailing uptrend that characterized the period from the latter part of the previous year until early April. Considering this, the technical outlook is becoming notably bearish.
The immediate support level resides at the 38.2% Fibonacci retracement level, positioned at 1903. Should there be a conclusive close below this juncture, it would bring into play the midpoint at 1848.
My goal for this idea is 1897.77
Trade closed: target reached
✅✅
Disclaimer
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.