The market yesterday moved actively during the New York session opened making the price fall by $ 38 after the candlestick failed to break the resistance level of 1804.00
Following yesterday’s decline in gold, from a technical point of view see that the majority of prices are more likely to show a potential downward trend after the price moved horizontally since last week.
Accordingly, the current price is now seen to be making a shift again where the nearest resistance zone is between 1777-1783.00 during the tokyo session opened.
Will the market be able to continue the downtrend up to the level of 423.6 on the Fibonacci Retracement for today or will the market move horizontally through the nearest support and resistance levels
R1: 1777.00
R2: 1783.00
R3: 1793.00
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S1: 1771.00
S2: 1765.00
S3: 1755.00
Trading is currently encouraged to look at a low timeframe to see the best trading potential to buy or sell. All these trades need to be done using the amount of "initial capital" that is willing to risk.
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