Gold is currently in a downtrend since May
- Retesting a strong bearish trend line ( last tested was August)
- Momentum on bullish movement has ended as a positive reaction has occurred on trend line
- RSI is overbought on 4 hour timeframe
- Positive reaction on recent FIB from recent daily high to recent daily low. Reaction occured at 0.5 to mark halfway pullback point.
Currently waiting for a red candle stick to form on the 4 hour timeframe on the Heinkin Ashi candle stick chart for confirmation.
Will then take another position once a red candle stick has formed on the Daily timeframe on the Heinkin Ashi candle stick chart for confirmation.
Will have more confirmation for daily candle stick to end as a Doji or a Shooting Star
- Retesting a strong bearish trend line ( last tested was August)
- Momentum on bullish movement has ended as a positive reaction has occurred on trend line
- RSI is overbought on 4 hour timeframe
- Positive reaction on recent FIB from recent daily high to recent daily low. Reaction occured at 0.5 to mark halfway pullback point.
Currently waiting for a red candle stick to form on the 4 hour timeframe on the Heinkin Ashi candle stick chart for confirmation.
Will then take another position once a red candle stick has formed on the Daily timeframe on the Heinkin Ashi candle stick chart for confirmation.
Will have more confirmation for daily candle stick to end as a Doji or a Shooting Star