Gold price continues to fluctuate around 1229.32 level, showing sideways and tight trading, noting that the EMA200 forms negative pressure against the intraday trading to keep our bearish trend expectations valid, waiting to head towards 1200-1210$ area mainly.
Therefore, i will continue to suggest the bearish trend in the upcoming sessions, reminding you that breaching 1229.32 followed by 1236.90 levels will lead the price to start recovery attempts that target testing the most important resistance to the short term trading at 1254$ level.
TECHNICAL OBSERVATIONS
Expected trading range for the week is between 1208.00 support and 1236.90 resistance.
As we can see at the chart at 1237-1241$ area we have a lot of resistance because of the trend line,the EMA200,the 61.8% Fib level and previous price actions determine this level crucial.
As we can also notice we found support at the previous descending channel top trend line and 50% Fib level at 1217$ level and bounce back up.
Also at the MACD stategy below we can see we failed to make new highs but we did lower lows that is a bearish sign.
I remain neutral-bearish until gold validates the current level mentioned meaining 1237-1241$ level to surpass these supports and climb previous ascending channel.
Currently we are in no mans land and there is no high-probality trade.
But a possible trade IF PRICE REJECT AND CLOSES BELOW THOSE LEVELS IS:
SHORT WITH 2,33 P/L RATIO:
TARGET at 1200-1210$
BUY STOP AT 1245$
THANK YOU FOR SUPPORT
HAPPY TRADING GUYS!
Therefore, i will continue to suggest the bearish trend in the upcoming sessions, reminding you that breaching 1229.32 followed by 1236.90 levels will lead the price to start recovery attempts that target testing the most important resistance to the short term trading at 1254$ level.
TECHNICAL OBSERVATIONS
Expected trading range for the week is between 1208.00 support and 1236.90 resistance.
As we can see at the chart at 1237-1241$ area we have a lot of resistance because of the trend line,the EMA200,the 61.8% Fib level and previous price actions determine this level crucial.
As we can also notice we found support at the previous descending channel top trend line and 50% Fib level at 1217$ level and bounce back up.
Also at the MACD stategy below we can see we failed to make new highs but we did lower lows that is a bearish sign.
I remain neutral-bearish until gold validates the current level mentioned meaining 1237-1241$ level to surpass these supports and climb previous ascending channel.
Currently we are in no mans land and there is no high-probality trade.
But a possible trade IF PRICE REJECT AND CLOSES BELOW THOSE LEVELS IS:
SHORT WITH 2,33 P/L RATIO:
TARGET at 1200-1210$
BUY STOP AT 1245$
THANK YOU FOR SUPPORT
HAPPY TRADING GUYS!
Trade active
Trade closed: stop reached:
Thank you again Mr Trump...I wonder how many times he can create turmoil out of nowhere..
