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Gold has seen a sharp drop yesterday it has breached the support levels and has come to the next support at 20 2425 which is proven out to be a great support so far now what to expect from gold today can we expect it to retrace
Or is it again going to drop on the downside what is going to be our strategy in order to profit trading goal today we will see with the help of charts and indicator if you’re new to the channel subscribe to the channel to get the latest updates this is the first
Update for the day the next update will be released before the US session and if you not join the channel membership join the channel membership and enjoy the benefits let’s start first we look into hourly charts and towards the end I will give you the trading levels and strategy
Watch till the end on the early we have seen gold forming a support at 20 2425 and since then see these candles multiple candles with longer taals suggest that there is stronger support and prices are willing to reach higher but also one must look at the crossover
In the moving averages which is a bearish crossover it is trading with Divergence now this is the Zone which is is going to provide maximum resistance to gold which was the earlier support 2040 levels is what you should watch out for first at 2036 then at 2040 42 we
Have greater resistance for gold on the upside if you look at the formation here yes there was a greater resistance and since then we’ have seen it sliding down and now it is trying to form a stronger support a stronger base here also if you track the moment from here you will find
Higher highs higher lows but still one has to Be watchful of this stock itic looking downwards magd after showing a strong slide now it is on the verge of a crossover this crossover can bring the bullish momentum or can indicate the bullish momentum RSI at bottom coming to two on the 2our charts
We can see a crossover between the moving averages bearish cross it is 4042 greater resistance a reversal sign is seen on the two-hour charts and higher lows are observed so higher lows reversal sign and suggest that after this drop it is trying to retrace one
Can buy here at 2032 but wait for 2036 and 20 4042 to be taken if it trades about 2042 we can say that now gold is reversing the stock istic rising from the bottom magd is bearish trying to converge RSI is flat near to bottom coming to 3our chart on the 3our chart
See first of all gold was bearish in this channel it has given a breakout it is now forming higher lows here and I will wait for it to how it behaves at around 2024 if it breaks below 2024 we can look forward to 2020 2018 at the
First Target once it trades below 20 20 2018 this time we can see and yes below this we can expect a stronger drop on the downside also on the 3our charts one observation here is look at three to four candles getting the support here thus we have to be very very uh cautious
At around 2024 25 only below 2024 we can expect it to trade bearish stock itic is oversold here magly traded with extreme divery the candle size is diminishing possibly it could start convergence and crossover can be expected RSI at bottom on the 4our chart likewise on the 4our
Chart see double bottom levels here and since then price has tried to trade bullish yes it has seen a little rise towards 20 33 levels and I will definitely watch out for again at these levels how it behaves right now it is not showing much of the bullish intent
Stock high sck at bottom magd is Divergent magd is bearish candles have peaked I will watch out for how this scandle turns out to be possibly a convergence from here can lead to bullish momentum RSI flat at bottom coming to the Daily before we look into
The daily charts and I give you the trading levels and strategy if you want to learn this art of trading join my 28th mentorship batch commencing on 28th of January register yourself now equip yourself with the right tools and strategy in order to trade with confidence and trade with with profit
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Email me and yes if you want to be part of our webinar series and if you want a consultation with me where you can discuss anything and everything and get a guidance on you can join our webinar series which comes with two free consultation visit the platform www.forex.com
Or reach out to me vi telegram or email for any of your queries and yes all your queries are answered there on the platform and you can get more information by joining our free telegram Channel as well coming to the daily chart now first on the daily charts see
The drop here retracement lower highs now lower highs here and low and lows here it is still appearing be to be trading in this bearish channel where at the bottom of this channel for the day it appears to be somewhere here at around 2010 if it continues to trade
Lower from the current level right now I can see that it is taking support from the 50 period and it is forming higher lows here we have to Be watchful at around these levels see multiple candles got the support at around these levels
That is 20 24 25 thus we have to be very very cautious and watchful at around 2024 and yes moving averages have started to converge a bit it has not yet crossed over stock altic is looking downwards magd is trading bearish here it is looking down RSI is also trading
With slight bearish bu considering this I will recommend you to sell gold today at 2024 levels below which 2018 2020 should be the first targets and Below 2018 is where the beers will be taking over for 2014 and then 2010 2010 is what we will look forward to if it continues
To trade bearish below 2024 possibility exist that we may see it breaking below 2014 levels as well Be watchful take your trades accordingly on the upside I will recommend you to buy at 2032 levels or rather 2036 levels which is going to be a greater resistance Zone above 2036 we can look
Forward to 20 40 42 as the first resistance Zone and Beyond 42 is where the Bulls will take over so safer entri is at 2036 only and in between 2024 and 2036 do not take a position trade accordingly like share subscribe and comment join my mentorship bch webinar
Series signals Channel reach out to me for any of you queries and do watch the next update before the US session as well thank you very much have a great profitable trading day ahead
2 Comments
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Thanks Sir, from Caleb from Ghana 🇬🇭