Hello Traders,
Here you go for the Gold analyst as price looks already made the lower high and seen create the moving within the descending channel. I attached the fibo to calculate the retracement of the buyer power, however at 0.61 fibo seems the buyer is off. Then we may wait for the impulsive down and retrace at the zones as confirmation for the downtrend along by respecting the major trendlines for solid confluences in the area of 1582 level. For those who follow please remember as the stop lost quite high but it may 1:6 for risk and reward.
Please Mind your core principles of your trading confluences before taking the price in order to take this idea to trade with proper risk management.
Disclaimer
the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions.
Cheers,
Ochin_FX
Here you go for the Gold analyst as price looks already made the lower high and seen create the moving within the descending channel. I attached the fibo to calculate the retracement of the buyer power, however at 0.61 fibo seems the buyer is off. Then we may wait for the impulsive down and retrace at the zones as confirmation for the downtrend along by respecting the major trendlines for solid confluences in the area of 1582 level. For those who follow please remember as the stop lost quite high but it may 1:6 for risk and reward.
Please Mind your core principles of your trading confluences before taking the price in order to take this idea to trade with proper risk management.
Disclaimer
the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions.
Cheers,
Ochin_FX
