GOLD:Analysis in High and Small Timeframe - Short setup

9 Ağu 2022

Like Explained Yesterday the GOLD after a long Downtrend, started the retracement ( swing Pullback in direction of the main trend ) , this last one reached the area between 50% and 61.8% Fibonacci right with the confluence of a Resistance area where the price in the past used this Area like support many times before becoming resistance, at today. In the Right of the screen, I put the H1 chart to show you that, in the small time frame there is a formation of a Double TOP pattern with overbought of the stochastic, this last one indicator in higher timeframe ( Left screen ) with the RSI are both in divergence situation with the RSI turned Bearish. Maybe a Drop today in the price but keep in mind, that we are in August and the Trading volume isn't the best one to have a full deep body candle.