GOLD - DAILY
TECHNICAL ANALYSIS: GOLD - DAILY
1.- MARKET DIRECTION: WE HAVE SEEN A DOWNTREND FOR THE PAST YEARLY QUARTER.
TREND-LINE WAS TESTED TWICE WAITING ON THE 3RD RETEST.
2.- CHART PATTERNS: PRICES HAVE FORMED
WHAT SEEMS TO BE A DESCENDING CHANNEL/ SYMMETRICAL TRIANGLE.
ALSO, MOST RECENT DATA IS FORMING A FLAG
PATTERN WHERE PRICES ARE SITTING AT THE BOTTOM OF IT AND BEING TESTED
FOR THE 3RD TIME.
3.- FIBONACCI TOOLS (RETRACEMENT): AFTER THE 2ND RETEST/REJECTION OF THE TRENDLINE,
PRICES DROPPED WITH STRENGTH BREAKING AND TESTING NEW LOWS.
REACHING PREVIOUS STRUCTURE TO THE LEFT (1450S).
MEASURED THIS WHOLE MOVE AND CAME UP WITH A RETRACEMENT THAT HAVE NOT
REACHED UP TO THE 61.8% WHICH IS ALSO A STRONG REVERSAL LEVEL.
4.- CANDLESTICK PATTERNS: WE ARE NOW SEEING A DAILY INVERTED HAMMER IN
WHICH IF FOUND AT THE BOTTOM OF A DOWNTREND (KEY LEVEL) INDICATES REVERSAL.
5.- BIAS: IS BEARISH BUT SENTIMENT IS BULLISH UNTIL PRICES REACH FULL RETRACEMENT.
6.- THOUGHTS AND EXECUTION: IT IS OBVIOUS THAT IM LOOKING TO LONG THIS PAIR.
ENTRY WOULD BE BASED ON SMALLER TIME FRAMES 4HR - 1HR FOLLOWED BY A TOP DOWN ANALYSIS.
BEST TRADING SESSION WOULD BE LONDON/NEW YORK.
1.- MARKET DIRECTION: WE HAVE SEEN A DOWNTREND FOR THE PAST YEARLY QUARTER.
TREND-LINE WAS TESTED TWICE WAITING ON THE 3RD RETEST.
2.- CHART PATTERNS: PRICES HAVE FORMED
WHAT SEEMS TO BE A DESCENDING CHANNEL/ SYMMETRICAL TRIANGLE.
ALSO, MOST RECENT DATA IS FORMING A FLAG
PATTERN WHERE PRICES ARE SITTING AT THE BOTTOM OF IT AND BEING TESTED
FOR THE 3RD TIME.
3.- FIBONACCI TOOLS (RETRACEMENT): AFTER THE 2ND RETEST/REJECTION OF THE TRENDLINE,
PRICES DROPPED WITH STRENGTH BREAKING AND TESTING NEW LOWS.
REACHING PREVIOUS STRUCTURE TO THE LEFT (1450S).
MEASURED THIS WHOLE MOVE AND CAME UP WITH A RETRACEMENT THAT HAVE NOT
REACHED UP TO THE 61.8% WHICH IS ALSO A STRONG REVERSAL LEVEL.
4.- CANDLESTICK PATTERNS: WE ARE NOW SEEING A DAILY INVERTED HAMMER IN
WHICH IF FOUND AT THE BOTTOM OF A DOWNTREND (KEY LEVEL) INDICATES REVERSAL.
5.- BIAS: IS BEARISH BUT SENTIMENT IS BULLISH UNTIL PRICES REACH FULL RETRACEMENT.
6.- THOUGHTS AND EXECUTION: IT IS OBVIOUS THAT IM LOOKING TO LONG THIS PAIR.
ENTRY WOULD BE BASED ON SMALLER TIME FRAMES 4HR - 1HR FOLLOWED BY A TOP DOWN ANALYSIS.
BEST TRADING SESSION WOULD BE LONDON/NEW YORK.
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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.