Gold recently dropped from 3500 to 3201, which is a pretty significant correction, but I think we are going to go lower. There is a lot of liquidity below the previous triangle and untested major swing high from 2nd April. In general, triangles act like a magnet for whales. When you see a triangle on the chart, you can be almost sure that the price will go back and take liquidity below it. Or at least retest the POC level of a triangle if the trend is very strong.
The 0.618 FIB is the strongest FIB. Then we have the 0.382 and 0.5. If the price is near the 0.618 FIB, there is a very high chance that we are going to hit this level sooner or later. Gold is near this strong fib level + we have to retest the previous swing high.
Right now I am pretty bearish on gold, and I think this week we are going to lower and test 3167. But I am very curious - what do you think about gold, and what is your ultimate bottom to buy it? Tell me in the comment section. Trading is not hard if you have a good coach! It is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
The 0.618 FIB is the strongest FIB. Then we have the 0.382 and 0.5. If the price is near the 0.618 FIB, there is a very high chance that we are going to hit this level sooner or later. Gold is near this strong fib level + we have to retest the previous swing high.
Right now I am pretty bearish on gold, and I think this week we are going to lower and test 3167. But I am very curious - what do you think about gold, and what is your ultimate bottom to buy it? Tell me in the comment section. Trading is not hard if you have a good coach! It is not a trade setup, as there is no stop-loss or profit target. I share my trades privately. Thank you, and I wish you successful trades!
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💡Join my VIP group (signals, my trades)
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✅Trade crypto here, all countries, get VIP3 and 30% fees discount, no KYC
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✅Trade crypto here, all countries, get VIP3 and 30% fees discount, no KYC
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✅Trade gold and forex here
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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.