Gold Monthly Analysis
Please comment & inform me if this is correct & how I can improve or where I have made mistakes - Thank you.
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The trend is currently bearish in a wave 3 directional move going into a wave 4 pullback. Candles of the past week have been short with no volume in comparison to the previous 3 weeks; change of direction sign. In addition, it is travelling through a parallel channel.
Most importantly gold has now ow touched the psychological level of 1700 (proving a sign of a pull back.
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RSI level has touched 30 with a double bottom; a sign of convergence. With the stochastic indicator also touching 30. The Moving average is touching and meeting the level of 1775 psychological level & the area of a golden pull back (Fibonacci 0.382 - 0.618) for the next run of 3 to 4 weeks. Now it is touching the lower band of Bollinger Bands showing signs of rejection.
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The trend is currently bearish in a wave 3 directional move going into a wave 4 pullback. Candles of the past week have been short with no volume in comparison to the previous 3 weeks; change of direction sign. In addition, it is travelling through a parallel channel.
Most importantly gold has now ow touched the psychological level of 1700 (proving a sign of a pull back.
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RSI level has touched 30 with a double bottom; a sign of convergence. With the stochastic indicator also touching 30. The Moving average is touching and meeting the level of 1775 psychological level & the area of a golden pull back (Fibonacci 0.382 - 0.618) for the next run of 3 to 4 weeks. Now it is touching the lower band of Bollinger Bands showing signs of rejection.
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