GOLD Will it stay below 1800.00 level
Updated
GOLD
After reaching the 2021 high around 1960.00 a bearish engulfing pattern has triggered further selling of gold and its reached almost 1820.00 level And managed to thrust above the 1850.00 level and since starting of the January its felled and traded in a confined range from 1803.00 to 1870.00.
The stimulus talks in USA is another reason for the 2020 year end bullish run and after that the improvement in stimulus talks were faded slowly and USD has gained some strength in January month.
The price got rejected around 1840.00 which is a 0.618 Fibonacci level and the point of control is around in that level. From the volume profile we can see the selling positions has increased at this level. In lower timeframe it shows clear bearish sign and reached around 1800.00 and even breaks the 1800.00 level since Dec 2020
The lower side target would be 1764.00 which is a December(2020) low
After reaching the 2021 high around 1960.00 a bearish engulfing pattern has triggered further selling of gold and its reached almost 1820.00 level And managed to thrust above the 1850.00 level and since starting of the January its felled and traded in a confined range from 1803.00 to 1870.00.
The stimulus talks in USA is another reason for the 2020 year end bullish run and after that the improvement in stimulus talks were faded slowly and USD has gained some strength in January month.
The price got rejected around 1840.00 which is a 0.618 Fibonacci level and the point of control is around in that level. From the volume profile we can see the selling positions has increased at this level. In lower timeframe it shows clear bearish sign and reached around 1800.00 and even breaks the 1800.00 level since Dec 2020
The lower side target would be 1764.00 which is a December(2020) low
Trade closed: target reached
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