After Gold underwent a correction to touch the price range of 1810.42, and also because it was supported by important news, then from the movement until now I saw an “Expansion” almost formed after a few days of experiencing “Correction” first. This is in line with my previous analysis on the H4 time frame.
Note: This is just an idea from me, please compare it with your own analysis before opening a position. Thank you.
Note: This is just an idea from me, please compare it with your own analysis before opening a position. Thank you.
Note
Adding analysis on the H4 time frame using the Fibonacci Retracement tool, as you can see the candles have retraced the 50% Fibo ratio, which means that it is expected to continue the uptrend.
Trade active
I hereby add the analysis on the H1 time frame, because a second leg has been formed, which means that it is likely to go up.
Trade closed: stop reached
The movement is still moving downwards in a limited manner, so it is hit by the stop loss that has been setup.
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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.