Gold Bearish Daily Outlook still have Bullish Potential
Welcome to TradrHq, We provide Technical Analysis for a selected currency pairs and Index
Although price is on an overall bullish trend on the W1 and M time-frame if we zoom in to the daily time-frame we can spot price in a daily selling zone. The Sell zone is supported by a H4 support level (1827) and daily support level (1863). What does this mean? Well if we continue to zoom in the time-frame to the H4 We can spot a bit better the bullish momentum picking up. This gives us to scenarios. The first is a break of the daily trendline which will support the weekly time-frame 38.2% Fibonacci retracement. If the H4 trendline is broken then that means that our Daily trendline has been tested and rejected giving price the chance to revisit (1767) 50% Fib lowest level price reached on the weekly time-frame.
Target #1: Break of Daily trendline - 1950
Target #2: Break of H4 trendline - 1767
Use 1% -5% risk per Position!
(Remember to use stop loss to limit your losses and protect your account !)
LEAVE US A COMMENT SO WE CAN KEEP OUR COMMUNITY ALIVE AND ENGAGED
GOOGLE [TRADRHQ] for our more in depth break down of our strategy and how we analysis the markets.
ENRICH YOUR LIFE THROUGH LEARNING
TradrHqCeo
Although price is on an overall bullish trend on the W1 and M time-frame if we zoom in to the daily time-frame we can spot price in a daily selling zone. The Sell zone is supported by a H4 support level (1827) and daily support level (1863). What does this mean? Well if we continue to zoom in the time-frame to the H4 We can spot a bit better the bullish momentum picking up. This gives us to scenarios. The first is a break of the daily trendline which will support the weekly time-frame 38.2% Fibonacci retracement. If the H4 trendline is broken then that means that our Daily trendline has been tested and rejected giving price the chance to revisit (1767) 50% Fib lowest level price reached on the weekly time-frame.
Target #1: Break of Daily trendline - 1950
Target #2: Break of H4 trendline - 1767
Use 1% -5% risk per Position!
(Remember to use stop loss to limit your losses and protect your account !)
LEAVE US A COMMENT SO WE CAN KEEP OUR COMMUNITY ALIVE AND ENGAGED
GOOGLE [TRADRHQ] for our more in depth break down of our strategy and how we analysis the markets.
ENRICH YOUR LIFE THROUGH LEARNING
TradrHqCeo
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