GOLD Daily Technical Analysis 29.07.19

29 Jul 2019

Gold is in the consolidation zone by touching the trend line. The price seems like it's forming to go short in the short term if we look closely to the small Timeframe, but in the bigger timeframe like H4 the price is still in the neutral trend. So, we can play on the short side if we trade for a short term. But we should be aware when the price breaks above the consolidation zone , so that we can prepare for the opposite direction of the trend. Furthermore, you can use fibonacci retracement for guiding a price ranging zone so that you can prepare for a risk/reward ratio.