Lower highs and now a clear lower low made on Gold.
Multiple 4hr support zones and trendline broken. I am now shorting gold in the hope it continues this bearish trend and forms this new lower high and therefore a lower low.
We have the trendline retest and fibonacci 0.618 retracement level at this entry zone. There is also a fib -0.618 extension on the previous...
For the past 5 days or so, gold has been reluctant to break below 1488. With a decline yesterday, it's been pretty predictive that the metal likely to rally today. Will the rally take it above the upper line of the falling wedge or gold will attempt to re-test the lower part of the wedge again?
I assume the gold correction level is 1488 usd. This level was determined by ATR analysis. I assume that the mapping of the previous fractal may still be ongoing. In this case, the wave structure moves symmetrically to the formed axis when changing short-long positions to ATR (white dotted line). In this case, the exchange rate may turn north from the current level.
Here is my second option for a long trade entry on gold. My previous entry at $1502 went well but price then declined overnight.
Gold is now at the $1488 support zone which has proved very strong in the past few weeks/months. I am looking to long here with stops below the lows and aiming for two targets.
TP1 = $1520 (price action zone)
TP2 = $1550 (upper resistance)
So far, a 3% correction has been found. At this stage, you should look for long positioning opportunities. Because the completion of the correction is predicting a big rise. The target price can be 1780 usd levels.
It took gold 2 days to overpower the selling pressure at 1520 level and now gunning for the second hurdle located from the current price level to 1547. If the bulls are able to demolish all bears at these levels, then gold is more likely to create another high. With that, the precious metal could be eyeing to equal 2012 high at around 1800...
I inserted Fib from highest high to lowest low as you can see on chart. You can see price has REACTED off 618 which considering to be powerful number. Price action has reacted off 61.8 17 times in over 8 years period until it has broken through 61.8 which is support and drifted lower and lower. Now, current price action has almost reached 618 which las saw 61.8...