Hi All,
This is my first time doing any analysis and I hope that this post doesn't offend any of the Professionals here by having my subpar analysis in the community, but I do hope to receive some feedback from you to help me improve with my analysis. P.S. I do not have any finance background and my analysis is purely based on some Support and Resistance information that I've chanced upon online and a little bit of gut feeling so take my ideas with a pinch of salt.
So based on the patterned I've observed on the 4H chart for Gold I would believe that there are 2 possibilities that could happen in the coming week.
Firstly, if Gold was to break current resistance point around 1850.50 there could be a short term gain on Target TP around 1865.69 which seems to me is a safe target for correction and if the upwards trend continues at this point you may want to hold the position to where the upper resistance level would be at around 1900 area, and if the trend continues and breaks the upper resistance area I believe the next possible Target TP to look at would be at around 1962.57. This trade may have to be held for about 1-2 months to reach TP 3 Target if the upwards trend continues.
Alternatively, if the inverse pattern which I believe have a higher chance of happening in the coming week, then Gold would have a downward trend where if it breaches the current Support Line at around 1817.96, I would Sell at this point and look towards the next support level area at Target TP around 1763.74, and at this point, there may be some corrections during this period, and if the downward trend continues, I would look to have my next support target area at around 1680.17 for my next Target TP.
That's all for my analysis of Gold. Once again I would like to apologies if this post is inappropriate for the community but I was thinking of sharing my theory and hopefully gain some feedback to improve my skills. Thank you for spending the time out of your day to look at my analysis and I wish you have many profitable trades ahead. :)
This is my first time doing any analysis and I hope that this post doesn't offend any of the Professionals here by having my subpar analysis in the community, but I do hope to receive some feedback from you to help me improve with my analysis. P.S. I do not have any finance background and my analysis is purely based on some Support and Resistance information that I've chanced upon online and a little bit of gut feeling so take my ideas with a pinch of salt.
So based on the patterned I've observed on the 4H chart for Gold I would believe that there are 2 possibilities that could happen in the coming week.
Firstly, if Gold was to break current resistance point around 1850.50 there could be a short term gain on Target TP around 1865.69 which seems to me is a safe target for correction and if the upwards trend continues at this point you may want to hold the position to where the upper resistance level would be at around 1900 area, and if the trend continues and breaks the upper resistance area I believe the next possible Target TP to look at would be at around 1962.57. This trade may have to be held for about 1-2 months to reach TP 3 Target if the upwards trend continues.
Alternatively, if the inverse pattern which I believe have a higher chance of happening in the coming week, then Gold would have a downward trend where if it breaches the current Support Line at around 1817.96, I would Sell at this point and look towards the next support level area at Target TP around 1763.74, and at this point, there may be some corrections during this period, and if the downward trend continues, I would look to have my next support target area at around 1680.17 for my next Target TP.
That's all for my analysis of Gold. Once again I would like to apologies if this post is inappropriate for the community but I was thinking of sharing my theory and hopefully gain some feedback to improve my skills. Thank you for spending the time out of your day to look at my analysis and I wish you have many profitable trades ahead. :)