Uncategorized

GOLD WEEKLY OUTLOOK.

Hello fellow traders hope everyone is doing well. I’ve noticed some key clues on gold that seems to be very Interesting and I will be making sure to keep a close eye out this week. With all the trade talk up in the air I am a little optimistic about how the market will react to TA as fundamentals can totally change the landscape of the market as we have seen throughout recent weeks. Firstly if you take a close look at the area I Have Highlighted on the 4HR time frame previously we have been trading above this range for approximately since Early august and finally we have broken under the range which i believe lies between 1487.01 to around 1490.00. Take a look to the left very key indication that this structure has been very confluent support leading to very good long opportunity. But now If you look close it looks like we may retest the 1490 area also leading right to my 50 percent fib where ultimately I will be looking for a rejection to lower levels as we have finally broken out the trading range and i strongly believe this could be the retest of the range which was From 1488-1556.I have drawn a trendline looking to add more shorts if we get a bearish violation of it. If gold does break back into the range i will not be looking for shorts as i believe that gold is still overall LONG TERM BULLISH . Well hope everyone enjoys this weekend and lets all catch some pips this week cheers to all.

Leave a Reply

Your email address will not be published. Required fields are marked *