Gold has been ripping to all time highs lately and is currently at a critical fib level.
The fib level 2.618 from the massive base gold created between 2009 and 2020.
On the way in the current uptrend gold has had its most significant pullbacks at precisely two other important levels (1.618 and 2.0) when measuring retrace of the high to low of that base.
Weekly RSi is in overbought and showing clear divergence as is daily RSI.
Daily chart has printed a hanging man candle and is very far removed from all its key moving avereges.
Lower timeframes are all showing bearish price action starting from the current ATH.
Trend change on lower timeframes , bearish candlestick and chart patterns can be used for confirmation of pullback and possible nice risk to reward play from the current high.
Safe Trading all
The fib level 2.618 from the massive base gold created between 2009 and 2020.
On the way in the current uptrend gold has had its most significant pullbacks at precisely two other important levels (1.618 and 2.0) when measuring retrace of the high to low of that base.
Weekly RSi is in overbought and showing clear divergence as is daily RSI.
Daily chart has printed a hanging man candle and is very far removed from all its key moving avereges.
Lower timeframes are all showing bearish price action starting from the current ATH.
Trend change on lower timeframes , bearish candlestick and chart patterns can be used for confirmation of pullback and possible nice risk to reward play from the current high.
Safe Trading all
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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.