REDATOR Ben Graham Posted February 5 REDATOR Report Share Posted February 5 Gold is trading around $5,020, reaching the upper band of the downtrend channel formed since January 28. It has attempted to break out of this channel on several occasions but has been unsuccessful.Following the technical rebound from the 38.2% Fibonacci zone reached during Wednesday's US session, gold is likely to resume its bearish cycle and could reach $4,867. If it breaks this zone, where the 21 SMA is located, we could expect a fall towards the 200 EMA around $4,728. It could even reach the 23.6% Fibonacci retracement level around $4,687.The Eagle indicator is showing a negative signal, so we will look for opportunities to sell in the coming hours from current levels below the psychological level of $5,000 with targets at $4,867 and $4,728.With a sharp break and consolidation above $5,050, gold could reach the 61.8% Fibonacci, a key level that could be seen as an opportunity to open short positions.In case of a consolidation above $5,120 (61.8%), the instrument could go ahead with its bullish cycle and reach $5,312, where the +1/8 Murray is located, and finally reach its all-time high of around $5,600.Gold is expected to continue its bearish cycle in the coming hours, so we will look for opportunities to sell as the Eagle indicator supports our bearish strategy.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.