I confirmed 1500 last week however sadly in a very rare occasion, a strong support broke meaning we didn’t get our confirmed target and that resulted in losing some of my profit and also others may have lost if they followed this call. Confirmed targets have 95% hit ratio so gold going south was a surprise. For the week ahead, there is only one clear target with...
Here is the H4 analysis for the week ahead. I will keep things straight and simple. We can bounce the trend line (blue line) and retest 1.30 or we could break the trend line and continue the drop to 1.2580. Which is more likely you may ask? 1.2580 is more likely with hit ratio 60%. 1.30 is less likely with hit ratio 40%.
Here is the MACD technical indicator. As we can see the blue and red line have crossed leaving the blue line top giving bulls the power. This suggests that long term target is 1.37 and potentially 1.44 therefore looking for a long investment is the better option on GBP currently. Of course things can still change if brexit doesn’t get sorted out by January.
Here is the MACD technical indicator requested by a fellow trader earlier. As we can see, the red is now above the blue line meaning bears are now in control and we could potentially continue to drop to 1.25.
It is currently sell on every rise.
Today at market opening, the market will give us a small window to add shorts, I don’t expect GU to hang around 1.2930 for more than 2 hours at market. Reason for this is the previous daily candle closed in a bearish inverted hammer.
The bulls and bears are now toe to toe. Another bearish daily close and the lines will cross giving bears the upper hand. Looking at todays daily close, it’s quite clear that mondah will be a bearish day.