1M
Past few months gold has been very bearish, the lagging EMA’s are about to cross to the down side. Weekly level 1250.00 has been broken and next level should be tested at 1200.00.
1W
The previous higher low has been taken out by price action, forming a lower low. EMA is pointing to the down side.
1D
Today we have rallied up to test the downwards facing EMA, which is forming resistance against price action.
4H
A tweezer top has formed, making this the next lower high in the downwards trend. At this same point my preferred fib area has been hit and rejected. EMA has crossed to the downside alongside breaking the CTL. Target is set to the next Monthly key level which is between -27 fib and -41.
Past few months gold has been very bearish, the lagging EMA’s are about to cross to the down side. Weekly level 1250.00 has been broken and next level should be tested at 1200.00.
1W
The previous higher low has been taken out by price action, forming a lower low. EMA is pointing to the down side.
1D
Today we have rallied up to test the downwards facing EMA, which is forming resistance against price action.
4H
A tweezer top has formed, making this the next lower high in the downwards trend. At this same point my preferred fib area has been hit and rejected. EMA has crossed to the downside alongside breaking the CTL. Target is set to the next Monthly key level which is between -27 fib and -41.
Comment:
Stop loss moved into profit at the next resistance level
Trade closed: stop reached:
Stop loss hit, profit taken.