1M
Past few months gold has been very bearish, the lagging EMA’s are about to cross to the down side. Weekly level 1250.00 has been broken and next level should be tested at 1200.00.
1W
The previous higher low has been taken out by price action, forming a lower low. EMA is pointing to the down side.
1D
Today we have rallied up to test the downwards facing EMA, which is forming resistance against price action.
4H
A tweezer top has formed, making this the next lower high in the downwards trend. At this same point my preferred fib area has been hit and rejected. EMA has crossed to the downside alongside breaking the CTL. Target is set to the next Monthly key level which is between -27 fib and -41.
Past few months gold has been very bearish, the lagging EMA’s are about to cross to the down side. Weekly level 1250.00 has been broken and next level should be tested at 1200.00.
1W
The previous higher low has been taken out by price action, forming a lower low. EMA is pointing to the down side.
1D
Today we have rallied up to test the downwards facing EMA, which is forming resistance against price action.
4H
A tweezer top has formed, making this the next lower high in the downwards trend. At this same point my preferred fib area has been hit and rejected. EMA has crossed to the downside alongside breaking the CTL. Target is set to the next Monthly key level which is between -27 fib and -41.
Note
Stop loss moved into profit at the next resistance levelTrade closed: stop reached
Stop loss hit, profit taken.
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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.