Today's Asian and European sessions have seen little volatility, with gold prices staying below 2400 and not testing 2420, indicating gold is still in a consolidation phase. Therefore, we should adjust our outlook accordingly.
The 4-hour gold chart shows a new head and shoulders pattern forming, with prices near the shoulder level. Historically, reaching the shoulder often precedes a new downtrend. This shoulder is near the 2400 level, suggesting a Sell around 2400.
Additionally, the 1-hour chart shows that the Fibonacci retracement of Monday's $95 drop places the 0.382 level right at 2400, reinforcing this idea.
Support levels to watch are 2370, then 2350. If 2350 breaks, further downside is expected.
If you have different views or questions, let's discuss the latest insights on GOLD
The 4-hour gold chart shows a new head and shoulders pattern forming, with prices near the shoulder level. Historically, reaching the shoulder often precedes a new downtrend. This shoulder is near the 2400 level, suggesting a Sell around 2400.
Additionally, the 1-hour chart shows that the Fibonacci retracement of Monday's $95 drop places the 0.382 level right at 2400, reinforcing this idea.
Support levels to watch are 2370, then 2350. If 2350 breaks, further downside is expected.
If you have different views or questions, let's discuss the latest insights on GOLD
Trade active
Gold has stopped rising, and there is indeed resistance at the 2400 integer markTrade active
If this K-line can close negative, it will be the beginning of a declineTrade active
Great, gold is falling as predictedTrade active
Although the gold price rebounded just now, it fell rapidly again afterwards. At present, it is still supported by the middle track of the hourly line and has slowed down. Once it falls below, it will move towards 2380.Trade active
The middle track of the hourly Bollinger Bands has fallen below, and the decline is strong. We continue to look towards the target of 2380.Trade closed manually
Gold is now slowing down its decline, and it is unlikely to fall below 2380 today, so I am going to close my positions now and try not to keep any positions at the close.This week's trading is currently in full profit, and I hope to continue the win this week.
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If you want to get my thoughts on gold as soon as possible, welcome to join my channel
📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
📣Free channel: t.me/Antony_TP
⚜️Copy Trading Contact me: t.me/AntonyTP
Related publications
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.