As it can be seen gold is still bouncing between the key levels of 1508.7-1503.8. The way i see this going is another downwards movement to hopefully around 1450. This would be a perfect area to place the trade as its currently at the 61.8 fib area and has rejected 1508 area frequently. Another key factor is the EMA 200 on the 4h chart is nearly touching this again meaning when it tests this twice it usally leads to a huge movement ! lets hope 1450! TRADE AT YOUR OWN RISK
Great analysis thank you, do you have any reason to why it spiked to over 1512? Like you say it’s been going between 1508-1503 most of the day then that happens? I wasn’t sure if that would affect your analysis or not?
Adz786
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@Robertjames10, as the banks control the market they go on a stop loss hunt that’s why there was a sudden spike and went back to the original area
Dave-FX-Hunter
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Im expecting one more impuls up. Thanks
Billy_85
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It does seem to be going down and down the up to 1508. Its going to be interesting to watch! I sold out it was was just so slow today!
But we are coming to winter and the gold usually goes down in price?
Adz786
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@Billy_85, the way it’s been moving recently is that it’s been going on stop loss hunts but still falling back to the areas. In addition as you said when winter comes around it does tend to go down as it has done previously throughout past 5 years however this is a new area which hasn’t been reached for a long time so It’s uncertain if it will respect this
Billy_85
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@Adz786, yes we will have to see how it pans out. Theres no way to know as its all over the place. So much happening economically that is just confusing everyone where to invest.
Adz786
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@Billy_85, yeah currently it’s not clear but personally I think it will go down to the area as the 200 ema is a key factor for this decision
Adz786
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Perfect break and retest of the trendline leading to a bearish movement to the downside