Bearish Momentum will Continue to the 61 Fib
Multi Timeframe Analysis
Trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
Gold could not pierce the last weekly high and commenced moving downwards. Wave analysis is clear: the price will continue dropping further- potentially to the 61.8% fibonnaci.
In another week, XAUUSD may reach the 1680 levels after which expect a rebound up
Trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
Gold could not pierce the last weekly high and commenced moving downwards. Wave analysis is clear: the price will continue dropping further- potentially to the 61.8% fibonnaci.
In another week, XAUUSD may reach the 1680 levels after which expect a rebound up
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.