Watch very closely what happens in this area. We can short gold to about 1235 from where I expect a bounce. There might be a pullback or some reaction at 0.75 fibonacci level (right now price is very close to reach that line). Once we are inside the outer Gann band watch the moment when Chikou span of Ichimoku hits the price. Then we will have some consolidation followed by a bounce up. Ichimoku is a good filter.
Trade active
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Guys, I have analysed 4 hours chart. This is update, zone of 1257-1260 (that inner Gann band on daily analysis) would be the very bottom now. We go short to there. From there, once bootom cup formation is formed, we can go long
Ok...now we are at ...56. I took sale TP and now I entered buys!!!
thefreedommatrix
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your support is too low. Connect it and u will see its above 1240
1260 needs to hold otherwise yea gold will be crazy oversold scream buy at 1240
ICFX
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@thefreedommatrix, @thefreedommatrix, My fisrt TP is at 1249.81 that is 0.38 fibonacci level on daily and Gann band on 4 hours. There I expect price to retrace along Gann band on 4 hours chart. But price should hit 45 degrees Gann fann central support line (daily trendline crosses at that point too) at 1242.16-1239.62 (there is a previous price level on daily) before it will fly up.
ICFX
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@thefreedommatrix, Man, you were right...1257 is the bottom according to my analysis of 4 hours chart