Gold just broke the major trend line
GOLD
Has struck between the longer time trend line and 38.2% Fibonacci retracement level.
In H4 timeframe we had a clear bearish view and the bearish engulfing pattern is formed after the price got rejected at 1950.00 level.
Next target would be 1900.00 and the 1862.00. The Price is trading below the 100,200,50 exponential moving average.
Today the longer term trend line was clearly broken which will attract sellers at this level. The risk appetite is making this pair as less attractive.
The positive corona vaccine news will further weaken the demand for the safe heaven metal
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
It’s not a financial advice. Do the analyze and take a decision.
Has struck between the longer time trend line and 38.2% Fibonacci retracement level.
In H4 timeframe we had a clear bearish view and the bearish engulfing pattern is formed after the price got rejected at 1950.00 level.
Next target would be 1900.00 and the 1862.00. The Price is trading below the 100,200,50 exponential moving average.
Today the longer term trend line was clearly broken which will attract sellers at this level. The risk appetite is making this pair as less attractive.
The positive corona vaccine news will further weaken the demand for the safe heaven metal
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
It’s not a financial advice. Do the analyze and take a decision.
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.