Hi guys,
today i want to bring you my view of gold. It's been in a recent uptrend and it's creating new highs but i think this could be a bigger retracement of the downtrend in the big picture (weekly).
By using a simple AB=CD harmonic pattern and two Fibonacci levels i've managed to create a small reversal zone where price actually is right now.
Here we have two different AB=CD harmonic patterns, a 618 retracement and a 1.618 extension.
The RSI is in overbought condition.
All these conditions together make me think it could be a nice shorting setup.
If you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!
today i want to bring you my view of gold. It's been in a recent uptrend and it's creating new highs but i think this could be a bigger retracement of the downtrend in the big picture (weekly).
By using a simple AB=CD harmonic pattern and two Fibonacci levels i've managed to create a small reversal zone where price actually is right now.
Here we have two different AB=CD harmonic patterns, a 618 retracement and a 1.618 extension.
The RSI is in overbought condition.
All these conditions together make me think it could be a nice shorting setup.
If you want to share your view, feel free to comment below.
Otherwise, see you in the next chart!