DeGRAM | GOLD confluence at resistance level
GOLD created a bearish harmonic pattern where the D point is at the border of the channel.
The market slowed at the 127.2% fibo extension level.
The market is testing the resistance and dynamic resistance levels, where we have confluence to short the market.
We expect a rebound from thecounfluence levle and a retest of the support level.
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The market slowed at the 127.2% fibo extension level.
The market is testing the resistance and dynamic resistance levels, where we have confluence to short the market.
We expect a rebound from thecounfluence levle and a retest of the support level.
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Share your opinion in the comments and support the idea with a like. Thanks for your support!
Comment:
GOLD went lower, breaking and closing below the 2170 level.
Most likely, it will keep making lower lows until it touches the 38.2% fibo retracement level.
Price action created multiple doji bars, meaning the price is coiling before expansion, and the breakout of them may lead to a bearish move.
We expect a breakout of the doji bar and a bearish move, completing the 38.2% retracement.
Most likely, it will keep making lower lows until it touches the 38.2% fibo retracement level.
Price action created multiple doji bars, meaning the price is coiling before expansion, and the breakout of them may lead to a bearish move.
We expect a breakout of the doji bar and a bearish move, completing the 38.2% retracement.
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The market decelerated while approaching the resistance level, which may lead to a pullback.
Price action is likely to continue consolidating until the new trend is confirmed by a breakout of the support or resistance.