vikinsa

Gold May Fall Further Down - Updated Levels & Trading Plan

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Traders, Gold sell off quite a but after reaching an FCP Zone ( Fibonacci Confluence Pattern) Zone which coincided with a good supply zone and an FCP W Pattern. Now gold is at a support level which if broken can create another sell off. Remember on monthly chart, there are more levels for it to reach. The major levels to watch out for are: 1878, 1856, 1800/1795, 1765/1760. Treat these levels as support and resistance levels so you can take either long or short positions at these levels depending in which direction the market gives you a confirmation.

Biases:
Multi-month: bias is bullish
Weekly: bias a bearish
Daily: Neutral


Rules:
1. Never trade too much
2. Never trade without a confirmation
3. Neve rely on signals, do your own analysis and research too

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Take care and trade well
-Vik

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📌 DISCLAIMER
The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of education only.
Not a financial advice or signal. Please make your own independent investment decisions.
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Comments

This is the most simplest way of understanding such a naturally complex idea. You made it so easy to visualize!👏 Thank you
200 coins
+1 Reply
vikinsa YenBill
@YenBill, Thank you for your generosity. Good luck.!
Reply
I like it, wonderful.
+1 Reply
vikinsa abel11
@abel11, Thanks :)
Reply
Vik do you see Gold falling as a result of USD(DXY) rising?
+1 Reply
vikinsa CalvinEJ
@CalvinEJ, Yes but gold and dollar are not always inversely correlated. History shows that on higher time frames they have risen and fallen together for years.
Reply
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