GOLD: HIGH POSSIBILITY OF GOING DOWN (FIBONACCI+H&S PATTERN)
Updated
There is a high probability for a short position on gold based on:
1) Price action: Fibonacci retracement and price action indicate a rejection from the area between 0.23/0.382 fib levels. These levels also happen to be major support/resistance levels on the daily chart.
2) Head and shoulders pattern forming on the 4H chart as an additional confirmation
Keep in mind the possibility of a buy position if price breaks the previous resistance.
Set your stop losses according to your risk management strategy.
Leave your opinions in the comment, I will make sure to reply to them!!
1) Price action: Fibonacci retracement and price action indicate a rejection from the area between 0.23/0.382 fib levels. These levels also happen to be major support/resistance levels on the daily chart.
2) Head and shoulders pattern forming on the 4H chart as an additional confirmation
Keep in mind the possibility of a buy position if price breaks the previous resistance.
Set your stop losses according to your risk management strategy.
Leave your opinions in the comment, I will make sure to reply to them!!
Trade closed: target reached
Update: The buy order hit the full target and more! then reversed from a resistance zone. Amazing trade!
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