2 Scenarios I see panning out here with GOLD. Since we printed a lower low yesterday both scenarios are favouring downside movement.
1. We use the box shown at 1910.00 as resistance to the next move down. We’ve just entered this and I’ll be hoping to see some wicks above but closures inside the grey area using the 20 ema as resistance. This is also the 0.618 level on the swing.
2. We break the first area and move up to the second at 1915.00 and then see some movement towards the downside.
These are purely my ideas. No guarantee that the markets will move this way. Please follow and comment, I would love to hear if you have the same or differing ideas.
1. We use the box shown at 1910.00 as resistance to the next move down. We’ve just entered this and I’ll be hoping to see some wicks above but closures inside the grey area using the 20 ema as resistance. This is also the 0.618 level on the swing.
2. We break the first area and move up to the second at 1915.00 and then see some movement towards the downside.
These are purely my ideas. No guarantee that the markets will move this way. Please follow and comment, I would love to hear if you have the same or differing ideas.