Gold : More room for correction/ Decline
So finally gold entered into correction phase and seems like there is more room for decline in this correction cycle :
Today CPR is descending and the last day candle is a good bearish candle and as discussed in yesterdays update the area around 2620-30 is a support zone with high volume and price is currently tested this zone and bouncing on Intra day but in Higher side we have descending CPR + Dynamic Trend Line resistance + FIB Resistance zone (2655-2662 for current cycle till last day), so under these resistance we can still look for sell opportunities towards weekly S1(2616) or low near 2600.
Currently I am watching chart on FXCM data feed and there maybe difference in levels that I am sharing : Let me know in if you see some changes /difference.
Today CPR is descending and the last day candle is a good bearish candle and as discussed in yesterdays update the area around 2620-30 is a support zone with high volume and price is currently tested this zone and bouncing on Intra day but in Higher side we have descending CPR + Dynamic Trend Line resistance + FIB Resistance zone (2655-2662 for current cycle till last day), so under these resistance we can still look for sell opportunities towards weekly S1(2616) or low near 2600.
Currently I am watching chart on FXCM data feed and there maybe difference in levels that I am sharing : Let me know in if you see some changes /difference.
Note
Under Fib Golden Zone (2655-62) sell is still valid : Invalidation of sell is H4 closing above 2662
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✅For Live Update on Gold Price and trade opportunities ; Join Free community
t.me/livepriceactiontrading
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Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.