Bonjour Traders,
This is my personal
#goldanalysis , not some experts so take it with a little bit of salt and do not enter any trade under this analysis unless you are sure of it yourself.
Here's the analysis :-
Gold has fallen $500 points two times in a row following thursday and friday intraday trade. The point I noticed in both trade is before the fall, it went ahead and tried to break the top resistance above before eventually sucummbing to larger dips.
Hence, I believe the market will try to break above 5100 resistance and in case of not succesfull breakout, it will fall to last low of Friday before eventually moving to Fibonacci Level of around 4950. In case it dips again from this points, it will crash again to 4000 before following the same pattern to 3500 or maybe even down below.
Here are few things to note :-
The market is currently follow low-low and low-high trend and will remain bearish until this trend breaks.
If Market creates a new High-High, which means trend is moving toward bullish move again and hence it's better to stop going into short entries.
As always, market can always go sideways before giving any move but as long as it does not break the last low-high, it will remain bearish.
That's it for notes.
I am personally planning to go into a short entry if the market moves toward 5100 resistance and shown signs of rejection and downward trend. If it really does so, I will probably hold my entry till the 4600 or 4500 mark before exiting and then make another entry at the Fibonacci level.
Of course, I am not some expert at trading so if anyone of you want to advice or add something to this analysis of mine, feel free to comment.
de toute façon, merci beacoup.
$XAU