After Gold underwent a correction to touch the price range of 1810.42, and also because it was supported by important news, then from the movement until now I saw an “Expansion” almost formed after a few days of experiencing “Correction” first. This is in line with my previous analysis on the H4 time frame.
Note: This is just an idea from me, please compare it with your own analysis before opening a position. Thank you.
Adding analysis on the H4 time frame using the Fibonacci Retracement tool, as you can see the candles have retraced the 50% Fibo ratio, which means that it is expected to continue the uptrend.
I hereby add the analysis on the H1 time frame, because a second leg has been formed, which means that it is likely to go up.
Trade closed: stop reached:
The movement is still moving downwards in a limited manner, so it is hit by the stop loss that has been setup.