GOLD ********* ⏳4 Hour chart 🎲 Possible entry analysis ⛳️ Possible bull/bear target 📚Educational
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1️⃣ Head and shoulder pattern was forming 2️⃣ Upper side trendline resistance ahead 3️⃣ Positive risk mood and positive vaccine news 4️⃣ 1865.00- 50% Fibonacci retracement level 5️⃣ 1841.00- 61.8% Fibonacci retracement level 6️⃣ 1850.00 Acted as strong support/Price action level 7️⃣ Technical support - Bear 8️⃣ 1850.00 acted as key reversal-bullish 9️⃣November low - Swing target 🔟 02nd big Elliot wave is underway #️⃣ Overall bearish trend
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📉 Technical bias-H4-Bearish
Price below 50,200 Exponential moving average 200 Exponential moving average strong resistance Relative strength index - Reached 60- Some bullish momentum expected towards 70- short term fall back expected MACD -Turned green and well above signal line,oscillators pointing upward Stochastic - Reached 75- overbought condition short term fall back expected Ichimoku cloud -cloud is turned red-Price is within the cloud Bollinger band- Price reached around the middle of the band and short term bounce towards upper band was expected
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Key reversal area's 1900.00 Key psychological level 1800.00 Key psychological level 1966.00 November month high 1774.00 November month low 1848.00 September month low 1932.00 October month high 1764.00 December month low (Current ) 1874.00 December month high (Current ) 1865.00 50% Fibonacci retracement level 1841.00 61.8% Fibonacci retracement level 1807.00 78.6% Fibonacci retracement level 2000.00 Major psychological level 1841.00 Possible entry- Bull
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Bearish entry #xauusd #Gold
Entry price - 1841.00
Take profit 01 - 1818.00 (210 pips) Take profit 02 - 1802.00 (390 pips) Take profit 03 - 1768.00 (730 pips)
🚫 Stop lose 1852.00 (110 pips)
⬇️ 3.97% Drop was expected ⤴️ Account growth .59 : 3.97 ✅ Risk reward ratio 1 : 6.7
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