GOLD ANALYSIS 07.03.2024
Market Behavior Analysis:
1) At the beginning of the month, the market tends to move against the trend.
2) Additionally, on Thursdays and Fridays, there's often a counter-trend movement.
3) Throughout Monday to Wednesday, there's typically an uptrend, providing a hint for counter-trend trading.
Strategy:
1) Utilizing Fibonacci retracement to determine optimal sell levels.
2) Focusing on the 161.8 and 2 Fibonacci levels as sell zones.
AO Analysis:
1) AO indicates a potential Lower High (LH).
2) If this occurs, it could lead to divergence, signaling weakening bullish momentum.
1) At the beginning of the month, the market tends to move against the trend.
2) Additionally, on Thursdays and Fridays, there's often a counter-trend movement.
3) Throughout Monday to Wednesday, there's typically an uptrend, providing a hint for counter-trend trading.
Strategy:
1) Utilizing Fibonacci retracement to determine optimal sell levels.
2) Focusing on the 161.8 and 2 Fibonacci levels as sell zones.
AO Analysis:
1) AO indicates a potential Lower High (LH).
2) If this occurs, it could lead to divergence, signaling weakening bullish momentum.
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.