[XAUUSD] Jan 2024 : Possible more downside?
04/01/2023
On 02 Jan, Gold displayed a very bearish signal while the London and NY open did plummeted the price in HTF 8h and 12h.
On 03 Jan, Gold broke easily the Key level ( for minor upside trend) at 2058-2060 => bearish flow now is very confirmed.
The question here is could Gold continue to go down? If yes, where is the key level to watch for PA rejection again?
I'd like to share here some thoughts and key level in chart.
Market Structure: bearish confirmation. SELLERs will continue dominant the flow to complete the impulsive wave => no need to look for buying chance.
Wave: possible impulsive waves ( sub-wave iv)
Risk: an area of FVG above 2048-2052
Reward: The possible ultimate target is redefined based on the Fibs extension toward 2018-2010.
Cheers and wish you all the best for 2024.
On 02 Jan, Gold displayed a very bearish signal while the London and NY open did plummeted the price in HTF 8h and 12h.
On 03 Jan, Gold broke easily the Key level ( for minor upside trend) at 2058-2060 => bearish flow now is very confirmed.
The question here is could Gold continue to go down? If yes, where is the key level to watch for PA rejection again?
I'd like to share here some thoughts and key level in chart.
Market Structure: bearish confirmation. SELLERs will continue dominant the flow to complete the impulsive wave => no need to look for buying chance.
Wave: possible impulsive waves ( sub-wave iv)
Risk: an area of FVG above 2048-2052
Reward: The possible ultimate target is redefined based on the Fibs extension toward 2018-2010.
Cheers and wish you all the best for 2024.
Trade closed: target reached:
After some crazy move A-B-C, Gold did fall and reached to the target between 2018-2020 as mentioned above.