GOLD Rising Wedge| Local S/R| .618 Fibonacci| 200 MAEvening Traders,
Second Analysis – GOLD – approaching key Local S/R where a technical bearish retest is probable.
Points to consider,
- Rising Wedge (Bearish)
- Local S/R Resistance
- 200 MA Resistance
- .618 Fibonacci Confluence
- 21 MA Dynamic Support
- Oscillators Technical Divergence
GOLD’s immediate Price Action is trading in a rising wedge, breaking down will allow us to have a bearish bias on the market.
The Local S/R is current key resistance that is in confluence with the 200 MA and .618 Fibonacci. Price Action is likely to have an initial rejection here.
Both Oscillators have a valid technical divergence; this will be negated if price breaks above Local S/R.
The current volume profile has been declining; an influx is probable when testing Local S/R as this is the next trade location.
Overall, in my opinion, GOLD is a valid short with defined risk, invalidation is above local S/R. Price Action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“A quiet mind is able to hear intuition over fear.” ― Yvan Byeajee
