Gold Forecast Update And Follow Up

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Gold Forecast - Technical And Fundamental Analysis

Hi Traders! Gold forecast update and follow up is here. On February 6th 2020 I shared with you this “Technical Analysis – Gold Forecast” we performed the multi-timeframe technical analysis on Gold to find the possible trade opportunities. The platform in which we performed this analysis is on the MetaTrader4(MT4). You can find some useful tips and hacks about the MT4 platform here. First lets see how the sell idea worked perfectly as per our plan and then we will discuss about the current scenario.

Gold D1(Daily) Chart Analysis

Bullish Trend Pattern, Bearish Divergence

Gold Forecast Update And Follow Up

 

 

Gold H4 (4 Hours) Chart Analysis

Bearish Channel breakout, Stochastic Oscillator has reached its extreme.

Gold Forecast Update And Follow Up

 

 

Gold H1 (1 Hour) Chart Analysis 

Bearish Trend Pattern, Two Important Resistance Zones, Volumes Indicator, Stochastic Oscillator has reached its extreme.

Gold Forecast Update And Follow Up

 

Gold Sell Trade Is Providing Us Wonderful Profits

Based on the above mentioned technical analysis my view in Gold was bearish until the two important resistance zones in the H1 chart holds. The price moved higher and reached the second resistance zone, respected it and is currently moving lower, exactly as per our plan. We have collected good profits with this trade so far.

Gold Forecast Update And Follow Up

 

 

Gold Current Scenario And Forecast

Based on the current scenario my view still remains bearish in the short term and we may expect further continuation lower. But pay attention to the downtrend line shown in the screenshot below, because we had a triple wave to the upside followed by two waves to the downside so currently if the price moved higher, breaks and holds above this dynamic resistance then this bearish view will be invalidated (false breaks can be neglected).

 

Gold Forecast Update And Follow Up

 

Trading Tips

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.

Also don’t forget to protect your sell trade using a stop loss and make sure to set a target and keep a proper risk/reward ratio.

You will also find a pretty extensive database of educational materials here in the blog – just use the search or check out the Forex Education section above.

Not sure how to enter a trade? Spot reversals (bounces)? Not sure how to spot breakouts?

I invite you to join me in my live trading rooms, on daily basis, and improve your trading with us.

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Also you can get one of my strategies free of charge. You will find all the details here

 

If you have any further questions, don’t hesitate to drop a comment below!

 

Yours to success,

Vladimir Ribakov

 

 

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