Hey Traders! Hope you guys having a good week. So let's start with forecast analysis for Gold pair. In this analysis, I am going to write a summary so that it is easy for us to analyze the chart. See below analysis for each time frame;
1) Monthly - Price still at Supply Zone and RSI shows 70% oversold. If the price breaks 1599, it is a bullish sign as the major trend still uptrend. Otherwise, if not break, we still can short with tight stop loss.
2) Weekly - Price at Resistance line as well as the RSI shows 70% oversold. As you can see, the chart pattern showing Rising Wedge which is a good sign if you go short for this week.
3) Daily - Price action as of today 3rd Feb 2020 shows Tweezer Top, which a strong sign for bearish if the daily price today close above yesterday price. Daily chart pattern shows Rising Wedge same as weekly pattern.
4) 4H - The pattern in a smaller time frame shows Double Top as reversal pattern to go bearish. We can chip in short or wait until the price retest the marked zone in the chart.
I think that's all for my analysis from 3rd until 7th of February 2020. This analysis based on my perspective and follow at your own risk. Happy trading fellas!
1) Monthly - Price still at Supply Zone and RSI shows 70% oversold. If the price breaks 1599, it is a bullish sign as the major trend still uptrend. Otherwise, if not break, we still can short with tight stop loss.
2) Weekly - Price at Resistance line as well as the RSI shows 70% oversold. As you can see, the chart pattern showing Rising Wedge which is a good sign if you go short for this week.
3) Daily - Price action as of today 3rd Feb 2020 shows Tweezer Top, which a strong sign for bearish if the daily price today close above yesterday price. Daily chart pattern shows Rising Wedge same as weekly pattern.
4) 4H - The pattern in a smaller time frame shows Double Top as reversal pattern to go bearish. We can chip in short or wait until the price retest the marked zone in the chart.
I think that's all for my analysis from 3rd until 7th of February 2020. This analysis based on my perspective and follow at your own risk. Happy trading fellas!
Comment:
If you short, close at monthly support as stated in the chart. Price might be go to the retest zone. Find long entry until price reach at retest zone.
Trade active:
As expected few days ago, gold going to the retest zone. We can find short entry, perhaps, test the zone and make wave 3 at least until 1,540. Last but not least, congrats to those who go long and profit for the past 2 days!
Trade closed: target reached:
Yes! Profit all the way! Seems like Gold was in a right track as forecasted. Hit the retest line and will it be touch down? Let see... So are you ready for the next battle? I will keep my analysis posted with additional prediction. Ciao
Trade active:
Hey fellas! As of today, Gold still at retest line. Yesterday daily candlestick shows doji and if today candle close bearish, it is advised you find short entry. I expect, Gold will make pullback atleast until support line marked in the chart.
Trade closed: target reached:
Gold at bullish momentum. It breaks the retest zone. We find long entry.
