Raeef_Meyer

Raeef_Meyer

This is just an update of my previous analysis to show what the market is doing. Enjoy the rewards to all those who followed the analysis.

Raeef_Meyer

H4 analysis shows us that there is a bearish pennant visible. The impulse is the downside movement with the correction thereof ending between 50 and 61.8 Fib zones. Thereafter the market travels to the downside towards -0.272 where a clear retracement has occurred on the candle that touch -0.272. The expectation, Option 1,is that the market can change direction...

Raeef_Meyer

H4 shows that the market has retested the 61.8 Fib zone and started rejecting. The anticipation is that the ABCD pattern will complete downward to the level marked at the end of the rectangle. The US interest news could influence this but if the news is positive for USD then Gold should be bearish as depicted.

Raeef_Meyer

The H4 timeframe shows a clear double top at 1.19100 supply zone indicating a bearish reversal pattern confirmed by the evening star candlestick pattern. Furthermore, the support trendline was breached which is visible above the 0.236 Fib level. Lower highs are also forming and the current correction is expected to reverse around 1.18500 mark down towards the...

Raeef_Meyer

Looking at the H4 chart it shows that the bulls have broken through the structure in the middle then a retest was done. This retest on the support structure indicates that the pending buy orders at that zone were filled and the market now has good momentum to make its way upward to the top resistance zone. My expectation is that the right shoulder will be formed...

Raeef_Meyer

Looking at the H4 chart a clear rising wedge, bearish reversal pattern, is forming which shows that the momentum of the bulls is diminishing as we move upwards towards the 1834 supply zone. This analysis proposes that the supply zone will be a strong resistance and could see sellers dominate causing a move downwards, if a double-top forms around this 1834 zone....

Raeef_Meyer

Based on the current upward trend visible on the H4 Timeframe along with the bullish flag pattern, the view is that the market will push upward towards the 1830 region. This would be catalyzed by softer U.S economic data from the NFP jobs report today.

Raeef_Meyer

Using the H4 Timeframe and Support Trendline we can see that the market is currently at a crucial point. The expectation based on the Bull flag pattern identified is that the market will continue upward towards the 1830 region.