Today let’s talk about gold situation . Last week has been a real important week , with FED and BCE meetings. During this week gold finally started to move after a month that was moving into an area between 1290 – 1310 usd.
After a strong bearish impulse move , we are looking to sell that! Where? We will look to open some sell position around 1290 area.
1) 0.5 Fibonacci 2) Previous support zone that now may act as resistance zone 3) Obviously we will still need another confirmation , maybe something like candlestincks bearish pattern around this area
So , that’s my analysis , don’t take that as a financial advice and remember that still will need another confirmation from the candlesticks , maybe in a lower timeframe as 15m.
Have a nice day traders and remember to protect always your capital !