GOLD. I expect a correction below 2605
Hello traders and investors!
I expect a correction in the price of gold below 2605.
The buyer did not defend the 2710 level (see the previous post), and the seller resumed from the price range of 2721–2759.
As a result, a range has formed on the daily timeframe. The upper boundary is 2721.42, and the lower boundary is 2536.855. A seller's zone has developed at the upper boundary of the range (red rectangle on the chart). The current seller's vector is 6-7, with the first potential target at 2605.31. Just below is the level marking the start of the last buyer's impulse on the weekly timeframe—2604.39—which has already been manipulated (false breakout).
Therefore, it’s likely that the buyer will resume from these price levels. If the buyer does resume, the first potential target is the lower boundary of the seller's zone at the upper boundary of the range (2668.2).
Good luck with your trading and investments!
I expect a correction in the price of gold below 2605.
The buyer did not defend the 2710 level (see the previous post), and the seller resumed from the price range of 2721–2759.
As a result, a range has formed on the daily timeframe. The upper boundary is 2721.42, and the lower boundary is 2536.855. A seller's zone has developed at the upper boundary of the range (red rectangle on the chart). The current seller's vector is 6-7, with the first potential target at 2605.31. Just below is the level marking the start of the last buyer's impulse on the weekly timeframe—2604.39—which has already been manipulated (false breakout).
Therefore, it’s likely that the buyer will resume from these price levels. If the buyer does resume, the first potential target is the lower boundary of the seller's zone at the upper boundary of the range (2668.2).
Good luck with your trading and investments!
Good luck with your trading!
Online analysis: trend or sideways tradingview.com/chart/gC1IdzUW/
Online analysis: trend or sideways tradingview.com/chart/gC1IdzUW/
Related publications
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.
Good luck with your trading!
Online analysis: trend or sideways tradingview.com/chart/gC1IdzUW/
Online analysis: trend or sideways tradingview.com/chart/gC1IdzUW/
Related publications
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.