The price of gold has been moving up the past 5 days and has now reached resistance at around 1256 which is where i am now going to be looking for an opportunity to sell.
Price moved up to the fib level 61.8 and the we saw it move down signaling that bears were watching this level and bull were also planning to get out here.
After reaching an extreme zone of WR3, price came down and as a bear i am going to be looking for a pull back on a lower time frame to go short
Price broke out of its range (between 1262 and 1256) and made a lower low to DM2 where we could see a double bottom then price moves up to DM3 which is where i will be looking to sell as a bear on Gold.
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.