GOLD 4% Drop was expected from .618 Fibo level

15 Des 2020

GOLD
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⏳4 Hour chart
🎲 Possible entry analysis
⛳️ Possible bull/bear target
📚Educational

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Detailed analysis 💬

1️⃣ Head and shoulder pattern was forming
2️⃣ Upper side trendline resistance ahead
3️⃣ Positive risk mood and positive vaccine news
4️⃣ 1865.00- 50% Fibonacci retracement level
5️⃣ 1841.00- 61.8% Fibonacci retracement level
6️⃣ 1850.00 Acted as strong support/Price action level
7️⃣ Technical support - Bear
8️⃣ 1850.00 acted as key reversal-bullish
9️⃣November low - Swing target
🔟 02nd big Elliot wave is underway
#️⃣ Overall bearish trend

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📉 Technical bias-H4-Bearish

Price below 50,200 Exponential moving average
200 Exponential moving average strong resistance
Relative strength index - Reached 60- Some bullish momentum expected towards 70- short term fall back expected
MACD -Turned green and well above signal line,oscillators pointing upward
Stochastic - Reached 75- overbought condition short term fall back expected
Ichimoku cloud -cloud is turned red-Price is within the cloud
Bollinger band- Price reached around the middle of the band and short term bounce towards upper band was expected

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Key reversal area's
1900.00 Key psychological level
1800.00 Key psychological level
1966.00 November month high
1774.00 November month low
1848.00 September month low
1932.00 October month high
1764.00 December month low (Current )
1874.00 December month high (Current )
1865.00 50% Fibonacci retracement level
1841.00 61.8% Fibonacci retracement level
1807.00 78.6% Fibonacci retracement level
2000.00 Major psychological level
1841.00 Possible entry- Bull

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Bearish entry #xauusd #Gold

Entry price - 1841.00

Take profit 01 - 1818.00 (210 pips)
Take profit 02 - 1802.00 (390 pips)
Take profit 03 - 1768.00 (730 pips)

🚫 Stop lose 1852.00 (110 pips)

⬇️ 3.97% Drop was expected
⤴️ Account growth .59 : 3.97
✅ Risk reward ratio 1 : 6.7

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