GOLD ANALYSIS 23.02.2024

Trading Plan:

1) AO and Fibonacci Analysis :

- The Awesome Oscillator (AO) indicates the potential formation of a lower high (LH), which could signal divergence, suggesting a potential price decline.

- Using Fibonacci retracement to identify levels where the price of gold may experience temporary increases.

- Levels 1.236 and 1.618 may be relevant, especially as they intersect with the trendline plotted, adding confirmation to the resistance levels.

2) Trading Plan:

- Planning to initiate a sell position at the level of 2042.50, aligning with Fibonacci analysis and technical resistance.

- Setting a stop loss (SL) at the level of 2047.50 to limit losses if the price moves against the prediction.

- Setting a target profit (TP) at the level of 2023.00 as a potential reversal point expected.

3) Risk Management:

- It is essential to implement proper risk management, including the use of stop loss orders.

- Taking into account fundamental factors and market sentiment before making trading decisions.