Categories: Technical Analysis

Gold ready for another push down?

Technically gold has all the reasons to continue lower. Daily chart is under bearish pressure because of the divergence. It made a false break up and we have a nice flag, showing correction well seen on the H1 chart. The plan is to join if and once the up trend line is broken.

Technical Overview:

D1 – bearish divergence, false break

H4 – triangle broken down

H1 – flag/trend line

Entry: H1 – Look for a break below the trend line along with the most recent support and go short.
Target 1: 1180
Target 2: 1160
Target 3: 1000 (long term target)
Stop Loss: above last high created

Yours,
Vlad

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.