Very clearly on the Weekly time frame, the Gold price is already below the cloud Ichimoku Kinko Hyo (Red), below the Supply Zone and this all indicates a strong decline, coupled with the RSI indicator which shows a decline as well. And my estimate Gold will continue to decline in the medium to long term.
Note
Also applies to the Daily time frame, the price position is almost below the Supply Zone, below the Ichimoku Kinko Hyo cloud (although it is still green and not red), and below the Moving Average line (blue).
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And finally, the profit target that I estimate is reached at 1450 – 1460 using the Fibonacci Extension tool.
Note: Please keep in mind that no one guarantees the analysis will be 100% as expected. It all comes back to your own analysis, money management and risk management.
Good luck with your trading...!!!
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My analysis on a lower time frame (H1), the Wyckoff Distribution process has already occurred, just waiting for it to go down again.
Trade closed manually
The analysis is no longer valid.
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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.
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.