Before I start with my analysis, do check out out my previous analysis so that you will have a better understanding. From my previous analysis, I mentioned a short opportunity to the trend support level (Dotted Line). That went according to plan but what we see now is a false movement back in trend.
Why is this so?
Lets focus at the orange area for now. What we can see is a nice movement back in trend followed but a BULLISH movement breaking out in trend again. Not only that, we were able to see a nice retest to the broken trend resistance level and now what we are seeing is a bullish movement starting to form. By drawing another fib line (blue fib line) we will be looking at 2 level: 50 and 61.8 fib. As of now, 50.0 fib level will be a nice LONG OPPORTUNITY which is also 38.2 fib level of another fib lines drawn. If we were to see a breakout from there, definitely will be looking to continue the long opportunity to 61.8 fib level where BEARISH pressure start to form (Red Area). Having said that, buying gold will be a better option for now.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Why is this so?
Lets focus at the orange area for now. What we can see is a nice movement back in trend followed but a BULLISH movement breaking out in trend again. Not only that, we were able to see a nice retest to the broken trend resistance level and now what we are seeing is a bullish movement starting to form. By drawing another fib line (blue fib line) we will be looking at 2 level: 50 and 61.8 fib. As of now, 50.0 fib level will be a nice LONG OPPORTUNITY which is also 38.2 fib level of another fib lines drawn. If we were to see a breakout from there, definitely will be looking to continue the long opportunity to 61.8 fib level where BEARISH pressure start to form (Red Area). Having said that, buying gold will be a better option for now.
Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
