Monthly : On monthly tf gold just completed a W-formation with neckline at 1785.8 and rejecting the resistance. After a rejection we do expect a move to downside.
Weekly : On weekly tf gold has reached at the top of falling trend line since AUGUST 2020 and also printed a W-Formation, after a formation of W-formation we expect the market to test the neckline at 1747.8 before continuation to further upside. So on weekly we also expect a move to downside.
Daily: On daily, we do expect a market to test the previous resistance acting as support in the 1760 area.. so we do expect a continuation to downside to test alteast 1768.8 (0.368 fib retracement) with 1747.8 extension.
My Plan:
Sell zone 1780-1785
TP Zone 1760-1768
Wait for the break of 1768 zone selling towards 1750..
However if gold breaks the trendline, i will wait for the retest of trendline for further buying.
Weekly : On weekly tf gold has reached at the top of falling trend line since AUGUST 2020 and also printed a W-Formation, after a formation of W-formation we expect the market to test the neckline at 1747.8 before continuation to further upside. So on weekly we also expect a move to downside.
Daily: On daily, we do expect a market to test the previous resistance acting as support in the 1760 area.. so we do expect a continuation to downside to test alteast 1768.8 (0.368 fib retracement) with 1747.8 extension.
My Plan:
Sell zone 1780-1785
TP Zone 1760-1768
Wait for the break of 1768 zone selling towards 1750..
However if gold breaks the trendline, i will wait for the retest of trendline for further buying.