Hello to all below is my analysis on Gold using my analysis method of top down from her time frame to execution time frame. Would welcome comments on the analysis and i would gladly respond to any questions posed.
Monthly
• Moving Averages crossed to the Upside
• Price action has on prior months made a bullish structure but currently P.A has broken the structure
• Price found resistance on the 1330.30 monthly level and has tested level several time leaving a triple top candlestick pattern
• Last price broke above this resistance level and went was September 2013 hence showing to be a critical level of resistance which price is failing to break by making several spiking candlesticks which fail to close above
Weekly
• Moving averages crossed to the downside indicating bearish momentum
• Price action broke below long term bullish trend line
• Price action subsequently headed lower after breaking the bullish structure and retesting it
Daily
• Moving averages about to cross to the downside
• Bearish trend line drawn on the chart and P.A respecting it
• Price action currently making a small pullback after steep decline in price
• Price Action currently finding resistance of the 21 EMA
4 Hour
• Moving averages about to cross to the upside
• P.A made a third trend line touch and we now expecting price to head lower
• P.A has prior been on a 5337 pip range and current pullback has thus retested it as well as the 61.80 Fib level which also consists of the daily resistance level 1308.71
• Price has thus left a bearish pin bar on the third trend line bounce and supported by other confluences where the said candlestick formed
• Best entry is to enter a sell on the neckline of current double top candlestick pattern which forms the 3rd T.L touch
Monthly
• Moving Averages crossed to the Upside
• Price action has on prior months made a bullish structure but currently P.A has broken the structure
• Price found resistance on the 1330.30 monthly level and has tested level several time leaving a triple top candlestick pattern
• Last price broke above this resistance level and went was September 2013 hence showing to be a critical level of resistance which price is failing to break by making several spiking candlesticks which fail to close above
Weekly
• Moving averages crossed to the downside indicating bearish momentum
• Price action broke below long term bullish trend line
• Price action subsequently headed lower after breaking the bullish structure and retesting it
Daily
• Moving averages about to cross to the downside
• Bearish trend line drawn on the chart and P.A respecting it
• Price action currently making a small pullback after steep decline in price
• Price Action currently finding resistance of the 21 EMA
4 Hour
• Moving averages about to cross to the upside
• P.A made a third trend line touch and we now expecting price to head lower
• P.A has prior been on a 5337 pip range and current pullback has thus retested it as well as the 61.80 Fib level which also consists of the daily resistance level 1308.71
• Price has thus left a bearish pin bar on the third trend line bounce and supported by other confluences where the said candlestick formed
• Best entry is to enter a sell on the neckline of current double top candlestick pattern which forms the 3rd T.L touch