JICPT| Gold kissed rebound target and fell into the battle zone!
Hello everyone. Two days ago, I've published a trading idea titled 'Gold coming closer to rebound target of $1786'. You can refer to the linked idea for more details.
As I drew on the chart, gold kissed the rebound target before falling into the battle zone again. Now, it's at the crossroads of up or down. Technically, the $1740 is confluence with solid daily demand zone and 61.8% fib. The issue is that zone has already being used once. Based on supply and demand theory, it won't be as solid as the first time visit.
1. If the $1740 holds: price may consolidate a while before going up again. The trouble level is $1786 which it failed to challenge, then $1835 which it didn't take over sellers for the past 3 times.
2. If the $1740 fails to hold: Price is very likely to retest previous low of $1686 where my long-term MA sits on weekly chart.
What do you think? Give me a like if you're with me.
As I drew on the chart, gold kissed the rebound target before falling into the battle zone again. Now, it's at the crossroads of up or down. Technically, the $1740 is confluence with solid daily demand zone and 61.8% fib. The issue is that zone has already being used once. Based on supply and demand theory, it won't be as solid as the first time visit.
1. If the $1740 holds: price may consolidate a while before going up again. The trouble level is $1786 which it failed to challenge, then $1835 which it didn't take over sellers for the past 3 times.
2. If the $1740 fails to hold: Price is very likely to retest previous low of $1686 where my long-term MA sits on weekly chart.
What do you think? Give me a like if you're with me.
הערה:
It looks momentum is good.
הערה:
After gold formed a lower high, the 1740 failed to hold the drop. I'm expecting price to further decline to the level of 1690.
plan your trade and trade your plan
