Hi Traders! Gold short term forecast and technical analysis is here. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting, useful tips and hacks about the MT4 platform could be found here. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club Spoiler alert – free memberships are available!
On the H4 chart, the price which was moving higher created a triple wave to the upside and while measuring this triple wave using the Fibonacci expansion tool we have a key resistance zone that has formed by the 161.8%(1825.96) Fibonacci expansion level of the first wave and the 61.8%(1836.46) Fibonacci expansion level of the second wave. The price respected this key resistance zone and bounced lower from this zone. We also had a bearish divergence that has formed between the first high that has formed on 17th August 2021 and the second high that has formed on 3rd September 2021 based on the MACD indicator which we may consider as evidence of bearish pressure. Currently it looks like a correction is happening, after the first leg to the downside, it looks like a flat correction is happening in the form of a range now. Until the top of this range holds my short term view remains bearish here and I expect the price to move lower further towards the key support zone formed the 38.2%(1777.56) – 50%(1760.15) Fibonacci retracement zones of the triple cycle.
It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this short term 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.
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Happy Trading!
Arvinth Akash
Traders Academy Club Team.
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