Still bearish outlook in bigger picture
Updated
Last week after a bearish movement gold rejected around psycological support level 2000, wich is also daily support level. GOld managed to move around 380pips without a proper rejections at certain resistance levels. Posible gold moved on fundamentals because off wars going on around the world. GOld remains a save asset.
Technical in the bigger picture were still in a bearish market. From my perspective i see 2 scenerio's. Next week we will focus on selling the market either from resistance level 2032 or wait for gold to climb towards around trend resistance level(yellow line)
In the daily timeframe we broke out off the support and is currently retesting this zone. But we should not enter on such high timeframe and look for confirmations in lowertime frame such as m30,m15 and m5.(See updated post for the daily timeframe overview)
resistance: 2032, 2040, 2050, 2070
Support: 2025, 2016, 2005, 2000
Technical in the bigger picture were still in a bearish market. From my perspective i see 2 scenerio's. Next week we will focus on selling the market either from resistance level 2032 or wait for gold to climb towards around trend resistance level(yellow line)
In the daily timeframe we broke out off the support and is currently retesting this zone. But we should not enter on such high timeframe and look for confirmations in lowertime frame such as m30,m15 and m5.(See updated post for the daily timeframe overview)
resistance: 2032, 2040, 2050, 2070
Support: 2025, 2016, 2005, 2000
Note
Daily outlook. Posible longterm targets. Note
Sellers still not strong enough to break down below. After tapping into 2017 we managed to took a TP target but gold rejected instantly. My view is still bearish. As long as the daily retest support line holds gold will fall!!Sell entree;s should be priceaction in lower timesframes M30,M15 and M5
Note
focus on selling around 2025-2030. Target 2007 and 1995Note
GOld still respecting the support level 2020-2023. Also take note the trend support zone. A proper break should let gold fall. Out patience is beeing tested by goldFOcus on selling the market.
H1 breakdown:
Note
Gold still not enough momentum to fall. Last sells should be at 2035-2040Note
Big move down. Congrats if you took the trade. midterm target is 2007 and longterm 1995. Posible not certainNote
Daily candle flipped. Rejection. Posible more downward movement but need to wait for daily candle closure tonightNote
Goodmorning all. Gold is currently floating below a resistance level. My expectation is that gold will fall further, taking orders around psycological support zone 2000-2005(second retest) Focus on bearish targets 2007, 1995, 1980.Either a direct fall from 2015 resistance. or posible gold will first take order around 2020-2025 resistance zone and then fall back towards psycological support and posible below
Note
After tapping into 2020-2025 gold fell again. COngrats if you took the trade
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