Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
Gold breached the 50% fibonacci retrace (1800) after a long bearish run on the D1 chart.She has attempted but failed to hit the 61% fibo at 1813.4. If it manages to go higher, it's last barrier stands at 1826 where a mass of former resistance now turned support will block further growth
Go short on 4H when price drops to the38.2% (1794) retrace level and confirmed with bearish MACD.
Potential take profit target at 1742 or the -27.2% extension of the fibs
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
Gold breached the 50% fibonacci retrace (1800) after a long bearish run on the D1 chart.She has attempted but failed to hit the 61% fibo at 1813.4. If it manages to go higher, it's last barrier stands at 1826 where a mass of former resistance now turned support will block further growth
Go short on 4H when price drops to the38.2% (1794) retrace level and confirmed with bearish MACD.
Potential take profit target at 1742 or the -27.2% extension of the fibs
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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.
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.