Hey guys,
i want to share another analysis of mine on the Gold. As usual, it starts on higher timeframe. On the left hand side you can see the daily chart where i began analyzing this, and you can see price is approaching a structure level that acted as support two times in the recent times lining up with 618 retracement of the bigger impulse leg.
In addition there's a 1,27 extension of the last upward move and a 1,618 inversion of the most recent retracement.
All those levels line up pretty well, and that's why i've drawn a small box where i can search for opportunity on lower timeframe.
On the right hand side of your screen, on the 4hr chart, there's also a AB=CD pattern that's completing right in that box.
For all these reasons, i'm looking for shorting signals as soon as price enters that zone, like double tops and engulfings.
If you have any question, feel free to comment below.
Otherwise, see you in the next chart!
i want to share another analysis of mine on the Gold. As usual, it starts on higher timeframe. On the left hand side you can see the daily chart where i began analyzing this, and you can see price is approaching a structure level that acted as support two times in the recent times lining up with 618 retracement of the bigger impulse leg.
In addition there's a 1,27 extension of the last upward move and a 1,618 inversion of the most recent retracement.
All those levels line up pretty well, and that's why i've drawn a small box where i can search for opportunity on lower timeframe.
On the right hand side of your screen, on the 4hr chart, there's also a AB=CD pattern that's completing right in that box.
For all these reasons, i'm looking for shorting signals as soon as price enters that zone, like double tops and engulfings.
If you have any question, feel free to comment below.
Otherwise, see you in the next chart!