GOLD

12 Jul

Daily candlestick pattern for Gold (CFDs on Gold, 1 Troy Ounce) with a Gartley pattern highlighted. Here's a detailed analysis:


Gartley Pattern Analysis:

XABCD Points: The Gartley pattern is identified with the key points marked as X, A, B, C, and D.
X to A: Initial upward move.
A to B: A retracement to 0.618 of the XA leg.
B to C: Another move upwards but doesn't exceed point A.
C to D: A final retracement, completing the Gartley pattern around the 0.786 level of XA.

Key Levels:

D Point: The completion of the Gartley pattern suggests a potential reversal zone.
Sell Zone: The region marked near the 2,428.00 level indicates a sell zone, suggesting a potential area for short positions.
Support Level: Significant support is identified around the 2,368.74 level, aligning with historical price action and Fibonacci levels.

Order Blocks:

Bearish Order Block: Positioned around the sell zone (2,416.00 - 2,435.00), indicating potential areas of supply where selling pressure might increase.
FVG (Fair Value Gaps): Daily FVGs noted around 2,390 and 2,368 levels, which might act as zones of interest for buyers.

Price Action:

The current price is around 2,415.07, slightly below the D point of the Gartley pattern.
The chart shows a recent upward trend reaching the sell zone, indicating a potential bearish reversal if the Gartley pattern holds.

Recommendations:

Short Positions: Consider short positions around the sell zone (2,428.00) with targets around the support level (2,368.74).
Stop-Loss: Place a stop-loss slightly above the 2,435.00 level to manage risk in case of a breakout above the bearish order block.