Strong bearish signal on gold !
Updated
Hallo traders,
my bias for gold still remain bearish. the bias vision is based on:
weekly time frame
as we can see on weekly time frame there is obvious bearish formation ( evening start ) with confirmation on rejection pin bar at the resistance area ( 2009).
daily time frame
i see a bearish engulfing rejection from key resistance
4 hours time frame
as i zoom in to 4 hours time frame also found that ther are 2 bearish signal which is sevening star and bearish harami perform at resistance area,
1 hours time frame
finally i zoom in again to see what happen on 1 hours time frame, here i see good potential set up for open sell at resisten area 1990, as i place fibonanci retracement around this area and i found that there is rejection from the area 61% (0.618) fibonanci level .
base on those confirmation, my bias is for upcoming week movement is
gold will looking for area 1970 for its support area and if break we can see that gold will be in the area 1952- 1957 as main demand zone area
as for another confirmation i use MA 21 for dynamic support and resistance and i use bollinger band to filter false break up on level
2009
please comment what do you think of this bias set up to, your comment and another perspective is very important for me to sharpen my skill and learning path
happy trading guys
my bias for gold still remain bearish. the bias vision is based on:
weekly time frame
as we can see on weekly time frame there is obvious bearish formation ( evening start ) with confirmation on rejection pin bar at the resistance area ( 2009).
daily time frame
i see a bearish engulfing rejection from key resistance
4 hours time frame
as i zoom in to 4 hours time frame also found that ther are 2 bearish signal which is sevening star and bearish harami perform at resistance area,
1 hours time frame
finally i zoom in again to see what happen on 1 hours time frame, here i see good potential set up for open sell at resisten area 1990, as i place fibonanci retracement around this area and i found that there is rejection from the area 61% (0.618) fibonanci level .
base on those confirmation, my bias is for upcoming week movement is
gold will looking for area 1970 for its support area and if break we can see that gold will be in the area 1952- 1957 as main demand zone area
as for another confirmation i use MA 21 for dynamic support and resistance and i use bollinger band to filter false break up on level
2009
please comment what do you think of this bias set up to, your comment and another perspective is very important for me to sharpen my skill and learning path
happy trading guys
Trade active
sop by at 1990, SL 1993Trade closed manually
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