gold analysis - 13 mar 2023
i hope all you great traders are doing well!
here are my observations on gold...
- at the market open of this new week, a gap was formed and since open price has been around the 1887 resistance zone
- on the H4 we can see 4 candlesticks respecting that zone and showing signs of a bearish move
- a consolidation zone was formed so a break of this zone will show us the direction in which the market will move but i am strongly bearish at the moment but we will see what happens
- currently waiting for a break of a intraday support zone on the M15 and a retest for me to short gold
- my tp will be at the 1866 price level but i will monitor how market reacts to the support of the consolidation zone
- like with every other trade there is no 100% guarantee that it will play out accordingly
here are my observations on gold...
- at the market open of this new week, a gap was formed and since open price has been around the 1887 resistance zone
- on the H4 we can see 4 candlesticks respecting that zone and showing signs of a bearish move
- a consolidation zone was formed so a break of this zone will show us the direction in which the market will move but i am strongly bearish at the moment but we will see what happens
- currently waiting for a break of a intraday support zone on the M15 and a retest for me to short gold
- my tp will be at the 1866 price level but i will monitor how market reacts to the support of the consolidation zone
- like with every other trade there is no 100% guarantee that it will play out accordingly
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