There have been rejections at the price of 1815 several times (light blue line), and my projection for Gold will fall to touch the price of 1766-1767.
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.
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.
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Sorry very much in advance, I forgot this pattern to be calculated into my analysis. I have taken a short position with the same target, 1766-1767.
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Revision.
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“M” pattern has formed at the low time frame (15 minutes).
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Now the position of Gold is under the second barrier of the Supply Zone on the H1 time frame, and is also supported by the RSI indicator which is declining.
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It looks like it will continue to fall towards the Demand Zone on the H4 time frame, and is strengthened by the RSI indicator which is also experiencing a decline.
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I added some analysis.
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Gold is testing the second phase in the Supply Zone on the H4 Time Frame. And after this it can be assumed Gold will drop again.
Trade closed: stop reached
Stop loss has been hit.
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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.