Dear traders ,
If you have followed my earlier calls ,,( refer to earlier chart on gold on my feed ) you would have made a decent profit for the first call. Second call i admit you would have been stopped out but hey there is a first for everything. It was my first successful analysis here on trading view and I was happy indeed that i was able to share the right call to others whom would have needed the guidance.
Analysis :
Gold descended till 1795 , 5 dollars short of my second TP target was quick to rebound back to its fibo levels at 1816. Currently hovering at Fibo 0.382 ( 1816 ) , two things can happen.
1) It resumes its retracement upwards to 0.5 fibo level ( 1838)
2) it heads back down to 1800 where extremely strong support is , bounce up to 1808 and head down to 1791 (fibo level 0.236 )
RSI has been showing bearish sentiment but note the present up move along the small blue trendline on RSI , if it maintains that up move this means bullish sentiment. If it falls back through then bearish it is.
Keep in mind these fibo levels as traders are using them hence the self-prophecy rule would apply strongly.
Also keep in view of a head and shoulders formation which if complete would see gold back to its lows below 1780.
Fundamentally speaking, gold should be spurring but investors are having a delayed reaction towards covid's Delta variant and fears that the economy has peaked.
Disclosure : Trade the following analysis at your own risk.
If you have followed my earlier calls ,,( refer to earlier chart on gold on my feed ) you would have made a decent profit for the first call. Second call i admit you would have been stopped out but hey there is a first for everything. It was my first successful analysis here on trading view and I was happy indeed that i was able to share the right call to others whom would have needed the guidance.
Analysis :
Gold descended till 1795 , 5 dollars short of my second TP target was quick to rebound back to its fibo levels at 1816. Currently hovering at Fibo 0.382 ( 1816 ) , two things can happen.
1) It resumes its retracement upwards to 0.5 fibo level ( 1838)
2) it heads back down to 1800 where extremely strong support is , bounce up to 1808 and head down to 1791 (fibo level 0.236 )
RSI has been showing bearish sentiment but note the present up move along the small blue trendline on RSI , if it maintains that up move this means bullish sentiment. If it falls back through then bearish it is.
Keep in mind these fibo levels as traders are using them hence the self-prophecy rule would apply strongly.
Also keep in view of a head and shoulders formation which if complete would see gold back to its lows below 1780.
Fundamentally speaking, gold should be spurring but investors are having a delayed reaction towards covid's Delta variant and fears that the economy has peaked.
Disclosure : Trade the following analysis at your own risk.
