Working the Fibonacci with Pivot Standard for gold, these are the areas of interest as you can see along the resistance and support lines. Switching between all time frames will give you a more accurate picture, currently strong support at 1861 has been shown. There was price rejection previously on 1870,1874 and now 1877(1876.74 depending on your broker).
Now patiently waiting for an ultimate entry point for this retracement, will it have enough momentum to break 1877 resistance? lets find out. Do not go full FOMO mode and impulsively enter a trade, wait for the correct entry point and remember to always follow the trend never trade against it.
Overall we are still bullish on gold with retracements being shown by Fibonnaci along the different time frames. Ultimately an entry at correct retracement will give the best result here, keep up with Fundamentals along the analysis because they have a huge impact on gold.
If you liked the chart please leave a like and and check my previous ideas for more info. We are in this journey together and everyday is a learning experience, if you have any trading ideas leave in the comments!
KEY LEVELS
R3 1914.13
R2 1893.15
R1 1882.63
PP 1861.65
S1 1851.13
S2 1830.15
S3 1819.63
This analysis is for educational purposes, this is not a financial or investment advice .
Now patiently waiting for an ultimate entry point for this retracement, will it have enough momentum to break 1877 resistance? lets find out. Do not go full FOMO mode and impulsively enter a trade, wait for the correct entry point and remember to always follow the trend never trade against it.
Overall we are still bullish on gold with retracements being shown by Fibonnaci along the different time frames. Ultimately an entry at correct retracement will give the best result here, keep up with Fundamentals along the analysis because they have a huge impact on gold.
If you liked the chart please leave a like and and check my previous ideas for more info. We are in this journey together and everyday is a learning experience, if you have any trading ideas leave in the comments!
KEY LEVELS
R3 1914.13
R2 1893.15
R1 1882.63
PP 1861.65
S1 1851.13
S2 1830.15
S3 1819.63
This analysis is for educational purposes, this is not a financial or investment advice .
Trade closed: target reached
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.
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.