Gold Retracement to 1830 zone

Nov 25, 2021

After my call of gold falling to 1800 at 1866. I believe the downtrend is now complete.

On the daily timeframe you can see that at 2021-11-24 the sellers are somewhat exhausted
and currently - there are buyers beginning to overtake.

The Green Lines represent - Weekly Support/ressistance
There is some heavy rejections at the weekly zone identified thus driving my short-term (1-2 week) position back upto a 50% retracement likeliness.

However, despite this idea. We see that DXY is still extremely bullish even with negative news coming towards it.
This market may be highly manipulated coming towards the end of the year.

Nov 25, 2021

Note

Full reasoning behind the trade:

A strong downwards trend that has been rejected at the 1788 zone was identified.

This continued to reject at the weekly support line of 1788.

Weakness in the lower timeframes were seen and I proceeded to wait 2 days until weakness is identified on the daily and 4 hour trends.

Once I spotted strong weakness towards the bearish side, i waited for an entry at 1788.

Currently gold is at 1791. +40 pips from entry.

Drawing a fibonnaci I could identify the 50% retracement and utilizing previous movements I was then confident in identifying that the price of gold would likely follow previous movement zones.

Nov 26, 2021

Note

Gold reached 1799. TP1

1800 will be a big psychological barrier to surpass however we should see positive moves again towards tomorrow.

Secure TP1 (50% TP) - possibly target a re-entry soon.
Stops in profit.

Nov 27, 2021

Note

TP2 & TP3 hit.

Price fluctuated down and I re-entered the trade. Currently 60 pips in profit again.