The 4HR timeframe is providing a good perspective of gold for me currently. It appears that a bearish impulse wave cycle has run its course followed by its subsequent correction cycle. I am now looking for short opportunities as the momentum shifts from bullish to bearish.
Confluence points: - Impulse wave complete - Correction wave complete - 4HR resistance zone - 61.8% Fib retracement zone of the impulse wave - RSI Divergence ( Indicating possible momentum shift post the double bottom rally )
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.