Hi,
The Price was in an UPTREND before settling for consolidation, The moving Avarage is sloping downward, which indicates POTENTIAL REVERSAL.
We can only have a BULLISH CASE if the price breaks above the CONSOLIDATION RANGE with strong BULLISH CANDLESTICKS.
If the Candlestick Patterns show LONG RED BODIES it suggests STRONG SELLING PRESSURE , But if they begin forming HIGHER LOWS $ HIGHER HIGHS it will then be indicating BUYING PRESSURE.
Using Fibonacci Retracement Levels , We Identified KEY SUPPORT AND RESISTANCE LEVELS, where price might REVERSE or GAIN STRENGTH. The common Levels 38.2 % , 50 % and 61.8% .
if the price retraces to the 38.2% level and bounces , it suggests BULLISH CONTINUATION
if the price drops to the 61.8% level it's a stronger SUPPORT ZONE , indicating POTENTIAL BUY PRESSURE.
A break below 61.8% may signal FURTHER DOWNSIDE.
The pattern formation like DESCENDING CONTRACTING TRIANGLE, FALLING CHANNEL and FALLING WEDGES indicate SELL ENTRIES.
OVERALL we are still on Consolidation and expecting to hit $3292 and then Experience a MINOR MELTDOWN TO at least $3193 and only then we will decide on where the market is headed to.
Will be back with FURTHER UPDATES.
The Price was in an UPTREND before settling for consolidation, The moving Avarage is sloping downward, which indicates POTENTIAL REVERSAL.
We can only have a BULLISH CASE if the price breaks above the CONSOLIDATION RANGE with strong BULLISH CANDLESTICKS.
If the Candlestick Patterns show LONG RED BODIES it suggests STRONG SELLING PRESSURE , But if they begin forming HIGHER LOWS $ HIGHER HIGHS it will then be indicating BUYING PRESSURE.
Using Fibonacci Retracement Levels , We Identified KEY SUPPORT AND RESISTANCE LEVELS, where price might REVERSE or GAIN STRENGTH. The common Levels 38.2 % , 50 % and 61.8% .
if the price retraces to the 38.2% level and bounces , it suggests BULLISH CONTINUATION
if the price drops to the 61.8% level it's a stronger SUPPORT ZONE , indicating POTENTIAL BUY PRESSURE.
A break below 61.8% may signal FURTHER DOWNSIDE.
The pattern formation like DESCENDING CONTRACTING TRIANGLE, FALLING CHANNEL and FALLING WEDGES indicate SELL ENTRIES.
OVERALL we are still on Consolidation and expecting to hit $3292 and then Experience a MINOR MELTDOWN TO at least $3193 and only then we will decide on where the market is headed to.
Will be back with FURTHER UPDATES.
Trade active
As indicated earlier the PRICE has already targetted $3292 currently at $3282 only after we hit the $3292 target we will be able to know where the market is headed to.Overall there is a probability of retesting $3372 which acts as a very STRONG RESISTANCE ZONE and after we hit the zone we should probably look for SELL ORDERS , i'm anticipating for GOLD MELTDOWN starting this week.
We should look for the fall to $3083 not sure of when it'll be happening but it should and MUST happen in the course of this week or next week.
Meanwhile on weekly TF we see a BULLISH MARKET , indicating BUYERS are in control but in 1HR TF there is an indication of consolidation continuation. Awaiting to break the KEY ZONES and identify our ENTRIES , but as always we don't just enter the market we confirm before entering.
Trade closed: target reached
$3292 BROKEN we should now look for MINOR BUY ENTRIES for $3372 remember if your account cannot withstand the WAVING then please be active on your chart , we have already confirmed our first MINOR Buy target.Awaiting to kill the next @$3372 and then go for the MELTDOWN.
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.