GOLD W3 AUG 2020GOLD W3 AUG 2020
We're safe to say that Gold is consolidating after a huge drop of approximately 10%/2000pips in just 5 trading days. As I have mentioned countless times: Gold is a commodity to have a much better risk to reward ratio in longing than shorting.
Daily A doji like candle followed by a confident bullish candle which closed above the doji wick indicates that buyers is still in control. Many would say there was a bearish engulfing and three black crows before the bull candles. Hence neutral bias at the moment = consolidation.
H4 Price has tagged the 200MA on the 4 hour timeframe.
If price were to break below 1912-1916 (below the doji) 1750 would be an interesting area to go swing long. 1750 is also the 50% fib area, pulling from 1455 lows to the 2075 highs.
Goldchart
GOLD 100% ACCURATE WEEKLY PROJECTION WITH ALL KEY LEVELSPrice will react same like this as i mentioned in chart. 1733 will likely to test then retest of 1722. 1738 retest again 1728. final 1734 before dump to 1700 level and so on its consolidating right now and getting in narrow range which clearly shows a drop is planned but not so smooth it will take time
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GOLD 100% accurate 80$ move is here DONT MISS!!!we are at important zone which is also our selling zones as we have resistance on our head which gold fails to break yet so we have a short opportunity here to target 1715 also we have a support at that level which can push it upwards again so we going to let it break for our second target 1680 then we have again a support at 1675 for which we have to wait to brek for last target 3 1612. Only enter again after retest or a small correction.
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