Yesterday Gold made new low of 1732 and is trying to break the bearish trend line which it started from two days. For bulls to show up gold needs to close above 1746 in 4 hours. Otherwise the bearish trend will continue to form new lows.
The technical indicators RSI, BB and MA are suggesting for a buy. But Price Action is not in support for Bulls as we can see from the strong red candles.
As we can see from the weekly chart the Fib levels suggestt 1686 to 1760 are 68% and 50% levels since it made the high at 2070 and low 1451. So if the bearish trend continues we can expect some reversal near 1686 since no bulls showed up at the 1760. However remeber that these levels are very good for longerm BUY. So if you can wait then go for buying at these lows.
We can also see the formation of a new ultra bearish trend line (Red). So dont trade for reversals unless gold closes above this line. If price comes near this line we will go for sell with small SL as the trend is bearish.
For today my plan is
Sell 1946 SL 1954 TP 1926
The technical indicators RSI, BB and MA are suggesting for a buy. But Price Action is not in support for Bulls as we can see from the strong red candles.
As we can see from the weekly chart the Fib levels suggestt 1686 to 1760 are 68% and 50% levels since it made the high at 2070 and low 1451. So if the bearish trend continues we can expect some reversal near 1686 since no bulls showed up at the 1760. However remeber that these levels are very good for longerm BUY. So if you can wait then go for buying at these lows.
We can also see the formation of a new ultra bearish trend line (Red). So dont trade for reversals unless gold closes above this line. If price comes near this line we will go for sell with small SL as the trend is bearish.
For today my plan is
Sell 1946 SL 1954 TP 1926
Note
My mistake.. the figures are in 1700 levels.. Sorry for the mistake
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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.