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
____________________________________________________ 📌 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. ____________________________________________________
Vik do you see Gold falling as a result of USD(DXY) rising?
vikinsa
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@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.