potential short position on Gold Spot
we foresee that gold still in bearish pressure in Higher Timeframe
now price is stuck in suppy area and previous liquidity pool area which mean there a prob to bouncing
confluence with fib retracement 38,2 at daily chart and 61,8 at h4 timeframe
our 1st scenario gold free fall to last strong support at 1722 (confluence with 161,8 fib)
alternative scenario gold will move up to area 61,8 fib daily retracement (1776) then bounce back to 1722
make sure to get confirmation like candlestick formation with other cofluence (Trendline, SnR, Chart Pattern)
happy trading
now price is stuck in suppy area and previous liquidity pool area which mean there a prob to bouncing
confluence with fib retracement 38,2 at daily chart and 61,8 at h4 timeframe
our 1st scenario gold free fall to last strong support at 1722 (confluence with 161,8 fib)
alternative scenario gold will move up to area 61,8 fib daily retracement (1776) then bounce back to 1722
make sure to get confirmation like candlestick formation with other cofluence (Trendline, SnR, Chart Pattern)
happy trading
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.