#GOLD / BEARISH FOR THIS WEEK!!
Updated
👉Gold could continue its decline this week.
🔰Reasoning:
⭐It has hit the upper arm of the wedge pattern on the daily timeframe and has also broken the BULLISH trend-line on the 4-hour timeframe.
⭐It is trading below the key resistance zone of 2426.352-2434.733.
🔰As a result:
⭐It could continue its decline to the targets of 2368.522 and 2333.778-2336.255.
❤️Your opinion?
🔰Reasoning:
⭐It has hit the upper arm of the wedge pattern on the daily timeframe and has also broken the BULLISH trend-line on the 4-hour timeframe.
⭐It is trading below the key resistance zone of 2426.352-2434.733.
🔰As a result:
⭐It could continue its decline to the targets of 2368.522 and 2333.778-2336.255.
❤️Your opinion?
Note
The first GOLD TARGET was achieved✅Note
🔄#GOLD analysis update - July 25⏳Based on the 4H time-frame:
👉THE GOLD TREND IS DOWNWARD.
🔰BEFORE THAT, THERE IS A POSSIBILITY OF TEMPORARY GROWTH DUE TO THE ACHIEVEMENT OF THE FIRST TARGET AND ALSO COLLIDING WITH THE BOTTOM OF THE DOWNWARD CHANNEL.
🔰THIS TEMPORARY GROWTH IS A GOOD OPPORTUNITY TO TAKE A SELL POSITION AT HIGHER PRICES.
🔰I HAVE MARKED TWO KEY RESISTANCE LEVELS ON THE CHART THAT COULD TRIGGER A DECLINE AT HIGHER PRICES. PLEASE SEE.
🔰NEXT DECLINE TARGETS:
TARGET 1: 2333.778-2336.255
TARGET 2: THE LOWER ARM OF THE WEDGE PATTERN ON A HIGHER TIMEFRAME.(SEE MAIN CHART)
Note
🔄#GOLD analysis update - July 26⏳Based on the 4H time-frame:
🔰"Given the reasons mentioned above, we believe THE GOLD trend is bearish.
🔰Any growth that occurs after hitting the bottom of the BEARISH channel should be considered an opportunity to catch the next decline at higher prices.
🔰Although for those who trade very short-term, this growth from the bottom of the channel towards the channel's midline and the targets I've marked in the figure can be profitable (long position).
🔰Let's delve deeper into how to approach and profit from the chart during such times in a lower timeframe."
......................................
⏳Based on the 15m time-frame:
🔰"This analysis is a tutorial in itself.
🔰When a new trend starts (in this case, an uptrend), you should draw a trendline from its origin on the timeframe you're using (which is 15 minutes here).As long as the price is above that trendline (which serves as your stop-loss), look for confirmation to enter a long position, aiming for your predefined targets.
🔰At any point, whether before or after reaching your growth targets, if this uptrend line is broken downwards, the trend reverses (I've marked the downside targets for this scenario in the figure).
🔰Remember, these explanations are for those who want to capture even the smallest movements. Otherwise, the logical approach would be to wait for the market to rise and look for confirmation to enter a short position at the specified resistance levels (targets)."
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