GOLD - TRADING PLAN

2020-02-08 17:29:05

WEEKLY ANALYSIS
My plan on gold is 100% bearish. Many reasons behind that idea from bigger timeframe. Make it simple we go down directly to 4H. I can see Gold is consolidation around specific range and last wave down looks like an impulse for me so I assume bearish momentum has started. This week, gold has been going up and I expect will continue to do so for few days next week. I draw my box which is my sell zone aggresively (fibo 61.8% / 78.6%). For more safer entry, we wait until gold can breakout the counter trendline. As you can see, NFP gave so much manipulation but the counter trendline stays as a strong support.
Conclusion, at least in the end of February, Gold is possible going to $1500.

Trading setup will follow once I found an opportunity.