I see this market heading in the bearish direction due to strong trend lines and strong support and resistance zones. waiting to see the direction of this market over the next few days to establish whether indeed it is going to be a long bearish or do the complete opposite of what is expected.
From my analysis on October 4th we see the market respected the trend retested on the 14400 region went up to the top trend line which of course formed a market structure or pattern. we see the market has broken the15243 region which may retest on the trend line and head to the 15872 region. we observe and wait for right entry after retest of the market.
we see a strong follow of trend lines within zones in the parallelogram formed. expect if the trend line is broken past the 14400 regions to be looking for sells showing a change in direction and if broken up past the 15482 regions out of the parallelogram to go for buys aiming for the 15895 regions. A master game of patience and waiting. let's see what the market...
a break of structure was achieved as gold broke below the 1865 region. A possible retest on the Fibonacci retracement is possible up to 50 percent or 68 regions with a continued downtrend movement or a pullback into the flag pattern if the Fibonacci retracement is not respected. We wait and trade based on patience and key levels formed.
