This week was a big sell off for Gold. Alot of accounts were blown and margins were called. But in my opinion gold is not done selling.
We caught the sells at 1812 and downwards. What we do know is that the daily candle close above 1768 means that we retraced to the 0.382 fibonnaci level, the golden retracement zone. So there will be upwards momentum. Doesn't mean that I am going long. I will wait for the lower highs being made at the pivot points (1775,1825,1842). We will continue to look for sell opportunities to the down side on the short term. From 1842 and on we will need to get some confirmations for gold to move in the the high 1800s again.
First stop the retracement to 1795,1825,1842 and try to sell this to the ''support'' level at the moment of 1768 to wait for a rejection and sell this thing once again
We caught the sells at 1812 and downwards. What we do know is that the daily candle close above 1768 means that we retraced to the 0.382 fibonnaci level, the golden retracement zone. So there will be upwards momentum. Doesn't mean that I am going long. I will wait for the lower highs being made at the pivot points (1775,1825,1842). We will continue to look for sell opportunities to the down side on the short term. From 1842 and on we will need to get some confirmations for gold to move in the the high 1800s again.
First stop the retracement to 1795,1825,1842 and try to sell this to the ''support'' level at the moment of 1768 to wait for a rejection and sell this thing once again