Good week everyone!!!
Lets take a look on our PRECIOUS GOLD!
As written on previous analysis linked below, gold has still room to go down, doesnt mean gold WILL go down, but it hasnt reached his big support so far!
After the big sell off from 1345 zone price just make a pullback into 1310 level and now its struggling to keep the upside.
If we just look at daily chart we can see price just touched and rejected fibo 50% retracion zone.
Looking at H4 we see price has now formed a lower high.
And we still have that hidden bearish divergence on weekly.
How to trade gold then?
hehehe...how to trade the market if the market doesnt present a good trading opportunity?
The answer is, dont trade. You dont lose money this way, wait for a proper trade opportunity to go in, easy like this.
Wait to what?
Wait gold to break down 1290 level and the we can scalp toward 1280 and 1270 level and THEN look for a HUGE buy opportunity with amazing RxR (best trade opportunity)
Or wait gold to break up 1310 zone, reduce position on 1320 level, bring stop to b.e and try to reach upper levels with what is left from initial position.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Lets take a look on our PRECIOUS GOLD!
As written on previous analysis linked below, gold has still room to go down, doesnt mean gold WILL go down, but it hasnt reached his big support so far!
After the big sell off from 1345 zone price just make a pullback into 1310 level and now its struggling to keep the upside.
If we just look at daily chart we can see price just touched and rejected fibo 50% retracion zone.
Looking at H4 we see price has now formed a lower high.
And we still have that hidden bearish divergence on weekly.
How to trade gold then?
hehehe...how to trade the market if the market doesnt present a good trading opportunity?
The answer is, dont trade. You dont lose money this way, wait for a proper trade opportunity to go in, easy like this.
Wait to what?
Wait gold to break down 1290 level and the we can scalp toward 1280 and 1270 level and THEN look for a HUGE buy opportunity with amazing RxR (best trade opportunity)
Or wait gold to break up 1310 zone, reduce position on 1320 level, bring stop to b.e and try to reach upper levels with what is left from initial position.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment:
Gold still failing to break 1310 zone, too much supply there, for now we have a double top
Comment:
Good scalp for anyone who bought on 1310 breakout, any S.L must be on B.E region now
Comment:
Very bearish pattern on H4, a 1300 retest is likely to happen
Comment:
Too much supply as we can see on the .618 fibo rejection zone.
This zone is good only for scalping.
Overall a break and CLOSE above 1320 can trigger a good rally targeting current 1345 high.
This zone is good only for scalping.
Overall a break and CLOSE above 1320 can trigger a good rally targeting current 1345 high.
Comment:
UPDATE
