Gold 1D/4h 29.09.2024
Long-term overlook 1D:
1.Gold as you may know for a long time is overpriced. Even on the weekly charts gold's RSI is for the second time around 80%. First time was around the week of 15th of April 2024 and this area where the price was struggling to get through on the charts I'm marking with the filled red rectangle. This is the price where the price might get back in the long term to the support level (2450-2420)
2.There is an ongoing Fibonacci retracement (purple) from 27.10.2023 -13.11.2023 and it respects levels of 1.61 and 1.91 throughout the time. In the chart it is the colourful field retracement with the level of maximum price drop before changing to downtrend of 2522.
3.The trend is going upwards for some years and is supported by may upward tredlines. Currently the one-month supporting trend line got crossed and we are seeing the slight downward movement (top red upper trend line). The just new downtrend is being created by the green trend line.
4.The situation in the Middle East is getting escalated even more over the weekend which though there are signs that the gold should ease up, it might still have significant jump following Monday.
Looking at the 4h timeframe:
I will be looking for the downtrend signs
1.The small orange Fibonacci retracement was being challenged at the end of the day on Friday and dropped to the 1.91-2.0 level to recover 4 hours later. (Uptrend signals)
2. The bigger blue retracement is close to the double of the orange retracement and the blues double is close to the colour field replacement. and my potential first zone for selling part
Entry: I will look how the trade is moving on Monday. if it will begin another downtrend around green downtrend line or create a double top I will enter to the trade.
TP:
TP1 50% will be placed at the zone of 2616 - 2600 (blue retracement zone)
TP2 50% will be placed 2550-2525
SL: Stoploss will be placed around 2720 to avoid being stopped in case price will reach 2700
1.Gold as you may know for a long time is overpriced. Even on the weekly charts gold's RSI is for the second time around 80%. First time was around the week of 15th of April 2024 and this area where the price was struggling to get through on the charts I'm marking with the filled red rectangle. This is the price where the price might get back in the long term to the support level (2450-2420)
2.There is an ongoing Fibonacci retracement (purple) from 27.10.2023 -13.11.2023 and it respects levels of 1.61 and 1.91 throughout the time. In the chart it is the colourful field retracement with the level of maximum price drop before changing to downtrend of 2522.
3.The trend is going upwards for some years and is supported by may upward tredlines. Currently the one-month supporting trend line got crossed and we are seeing the slight downward movement (top red upper trend line). The just new downtrend is being created by the green trend line.
4.The situation in the Middle East is getting escalated even more over the weekend which though there are signs that the gold should ease up, it might still have significant jump following Monday.
Looking at the 4h timeframe:
I will be looking for the downtrend signs
1.The small orange Fibonacci retracement was being challenged at the end of the day on Friday and dropped to the 1.91-2.0 level to recover 4 hours later. (Uptrend signals)
2. The bigger blue retracement is close to the double of the orange retracement and the blues double is close to the colour field replacement. and my potential first zone for selling part
Entry: I will look how the trade is moving on Monday. if it will begin another downtrend around green downtrend line or create a double top I will enter to the trade.
TP:
TP1 50% will be placed at the zone of 2616 - 2600 (blue retracement zone)
TP2 50% will be placed 2550-2525
SL: Stoploss will be placed around 2720 to avoid being stopped in case price will reach 2700
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