Bullish on Gold? here is my analysis

By Emad | honarparvar | 5 Sep 2022


this is what I published on September 3rd (2 days ago):

06847da2de079b6afdc2fc669d818b2d2d5826dfcd8a3d89a73ca9df5b9db4ff.png

Now this position has been triggered and I'm gonna explain why I believe this way:

1. a decent daily timeframe regular bullish divergence;
2. a wide bullish divergence on 4h TF as well;
3. a falling wedge is expected to form, with three push ups, the third push up will result in our TP

492446e4ad7ce9a83ebe9d6d2b8f7cf69d4cf54007486bb5ccc338788d147aee.png

after our TP, I can consider weekly timeframe to enter another trade, whether breaking the wedge (more probable) or trying the support again.

in the daily TF the wedge has been very wide and it looks like a trading channel (endless pullbacks) but in weekly TF it includes less than 20 bars and still can break above. as now I consider it 60% up and 40% back to support.

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Emad
Emad

youtuber, business developer and Crypto enthusiast


honarparvar
honarparvar

Writing is my addiction!

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