Looking at gold price, we managed to see a 461.8% fib rejection after a long BEARISH trend. This give us a short term retracement trading opportunity. From H1 timeframe, we can see that the retracement confirmation candle was seen. The levels I will be looking at will be the trend resistance level (dotted line) as well as the 361.8% fib level. We might see rejection at these levels if the BEARISH trends continue or else gold might present a potential reversal trade opportunity, giving us a good risk to reward after seeing our confirmation candle. I will update on that after this short term BULLISH movement.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!