GOLD KEY LEVELS TO WATCH
Hello Traders, I hope you're having a fantastic trading week so far! Let’s dive into the current setup on Gold, as it's presenting an exciting trading opportunity.
H4 Chart: Price Action Reversal with Key Fibonacci Levels
Overview: On the 4-hour chart, we observe a price action reversal pattern aligning with a 200% Fibonacci extension. The price has recently formed a higher low after completing an impulsive move.
Market Structure: As long as the price remains below the previous higher high (HH), we anticipate the formation of a lower high (LH).
Key Entry Level (EL): The price is trading below the EL, reinforcing bearish potential.
Target: The 100% Fibonacci extension serves as the initial key target, aligning with the ABC pattern’s symmetrical swing.
H1 Chart: Bearish Gartley Harmonic Pattern
Overview: The 1-hour chart showcases a Gartley bearish pattern, nearing the Potential Reversal Zone (PRZ).
False Breakout: There is a clear false breakout above the EL, indicating possible exhaustion of buyers at this level.
Key Levels:
PRZ: Acts as a strong confluence zone for a potential short opportunity.
Target: The first bearish target aligns with the subconfluent low (H4) and the ABC extension target from the higher timeframe.
Trading Plan
Monitor Price Action During U.S.
Trading Hours:
Focus on key reactions at the PRZ and any bearish reversal signals (e.g., engulfing candles, 3-candle reversal).
Bearish Case:
A rejection at the PRZ and a sustained move below the EL could confirm bearish continuation.
Bullish Invalidity:
If the price closes significantly above the EL, this would invalidate the bearish setup and indicate continued upward momentum.
Final Notes:
We’ll keep an eye on the movement and provide any updates as the price unfolds. Let the pips be with you—stay tuned for the outcome!
H4 Chart: Price Action Reversal with Key Fibonacci Levels
Overview: On the 4-hour chart, we observe a price action reversal pattern aligning with a 200% Fibonacci extension. The price has recently formed a higher low after completing an impulsive move.
Market Structure: As long as the price remains below the previous higher high (HH), we anticipate the formation of a lower high (LH).
Key Entry Level (EL): The price is trading below the EL, reinforcing bearish potential.
Target: The 100% Fibonacci extension serves as the initial key target, aligning with the ABC pattern’s symmetrical swing.
H1 Chart: Bearish Gartley Harmonic Pattern
Overview: The 1-hour chart showcases a Gartley bearish pattern, nearing the Potential Reversal Zone (PRZ).
False Breakout: There is a clear false breakout above the EL, indicating possible exhaustion of buyers at this level.
Key Levels:
PRZ: Acts as a strong confluence zone for a potential short opportunity.
Target: The first bearish target aligns with the subconfluent low (H4) and the ABC extension target from the higher timeframe.
Trading Plan
Monitor Price Action During U.S.
Trading Hours:
Focus on key reactions at the PRZ and any bearish reversal signals (e.g., engulfing candles, 3-candle reversal).
Bearish Case:
A rejection at the PRZ and a sustained move below the EL could confirm bearish continuation.
Bullish Invalidity:
If the price closes significantly above the EL, this would invalidate the bearish setup and indicate continued upward momentum.
Final Notes:
We’ll keep an eye on the movement and provide any updates as the price unfolds. Let the pips be with you—stay tuned for the outcome!
Disclaimer
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