Hi Guys..
So today we want to continue our analysis on market gold. Did you follow us before? Hope you can read our analysis before this.
If you notice, market gold start move up after break the zone resistance. So we predict that market will slow down and make a retracement before fly again.
Lets take a look in a bigger time frame. If you notice, you can add channel line in between the range of candle.
Updated Chart…
This is time frame H1. You can see how bear and bull are fighting each other to win the market. But, for short term we look gold want to make a retrace because the candle shown bearish engulfing and MACD shown signal for bearish.
Updated Chart…
Market make retracement like we predict. If you entry sell, of course you make money with this movement.
How?
When you see market have signal bearish like we said before bearish engulfing on candle and that signal add with confirmation on indicator MACD that start slow and decrease. You need to study about signal from MACD if you want to know when market will up or down.
Updated Chart…
Look!! In time frame 1 hour, price rest at $1200. $1200 are one of support and resistance for round number that you can use to see pit stop for price. Another strategy you can use is bollinger band. When body candle fully sit in lower band, so price will move towards middle band. But you need to watch out either the band has shrunk or still stretch. If band still stretch, have possibility that market will go down.
Updated Chart…
Look in time frame 4 hours guys. Price gold still in the middle of big candle. So there is possibility market will continue bearish. There are zone support we drawn for rest spot for price if price go down.
Updated Chart…
See.. price still playing in middle band.
Updated Chart…
In time frame H1 we drawn channel line as you can see in the picture. This shown that price still palying within channel and price want to move towards the lower channel. So bearish mode still on right?
Updated Chart…
Wow!! Price touch lower channel and breakout from channel. Who’s take a profit with this channel?
Updated Chart…
If you take a look in smaller time frame, you can see that price touch yellow zone as we drawn before make a move up again to the resistance line. And gold tried test at price $1205usd/oz again after big seller coming when candle breakout the support price $1200 and touch another support zone.
But, did you notice that bollinger band start stretching? Did market will uptrend?
Wait and see the what happen on our next posting okay..
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