Gold 4hr setup
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Gold is presently experiencing a bearish trend, characterized by a pattern of lower highs and lower lows since peaking at 2484.14. I anticipate that gold will encounter resistance at the temporary rejection level before declining further. Subsequently, I expect it to rebound and ascend to my target area, which is approximately between 2400 and 2402.02.
Confluences supporting this analysis include:
A downward trendline indicating a continuation of the bearish trend.
An upward trendline suggesting a potential reversal point.
A rejection zone between 2400 and 2402.02, which is a significant area of interest.
The round number of 2,400, often a psychological level in trading.
The 0.618 Fibonacci retracement level
Market structure.
Expectations of the US Dollar strengthening.
Gold Daily
Dollar Index
Silver
Confluences supporting this analysis include:
A downward trendline indicating a continuation of the bearish trend.
An upward trendline suggesting a potential reversal point.
A rejection zone between 2400 and 2402.02, which is a significant area of interest.
The round number of 2,400, often a psychological level in trading.
The 0.618 Fibonacci retracement level
Market structure.
Expectations of the US Dollar strengthening.
Gold Daily
Dollar Index
Silver
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Penafian
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