Gold Analysis: 01-09-2024
My expectation for GOLD has been met now. Let me explain them in chart.
Price Action
Monthly TF:
- In Monthly TF, Gold is in consolidation phase for more than last 3 years 08/2020 to 01/2024.
- After a strong breakout during March 2024, the move has reached it target within 6 months.
Weekly TF:
- We are rising in a parallel TF with new weekly highs.
- We have made a new consolidation range after the BO, and it is healthy for good uptrend.
- We have also completed 100% Fibo reverse extension as marked in chart.
Daily Fibo:
- In Daily TF, we have given a BO above consolidation range and reached 150% reverse Fibo level at 2,532.
- Now good support is at BO level of 2475, which is also 23.6% Fibo retracement level.
- We also have a rising TL which should not be violated for uptrend to hold.
Acronym:
PA: Price Action.
TF: Time Frame.
TL: Trend Line.
Keep Learning 🕮
No comments:
Post a Comment
Thank you for reading blog.
Feel free to post your comments