GOLD - DAILY

TECHNICAL ANALYSIS: GOLD - DAILY
1.- MARKET DIRECTION: WE HAVE SEEN A DOWNTREND FOR THE PAST YEARLY QUARTER.
TREND-LINE WAS TESTED TWICE WAITING ON THE 3RD RETEST.

2.- CHART PATTERNS: PRICES HAVE FORMED
WHAT SEEMS TO BE A DESCENDING CHANNEL/ SYMMETRICAL TRIANGLE.
ALSO, MOST RECENT DATA IS FORMING A FLAG
PATTERN WHERE PRICES ARE SITTING AT THE BOTTOM OF IT AND BEING TESTED
FOR THE 3RD TIME.

3.- FIBONACCI TOOLS (RETRACEMENT): AFTER THE 2ND RETEST/REJECTION OF THE TRENDLINE,
PRICES DROPPED WITH STRENGTH BREAKING AND TESTING NEW LOWS.
REACHING PREVIOUS STRUCTURE TO THE LEFT (1450S).
MEASURED THIS WHOLE MOVE AND CAME UP WITH A RETRACEMENT THAT HAVE NOT
REACHED UP TO THE 61.8% WHICH IS ALSO A STRONG REVERSAL LEVEL.

4.- CANDLESTICK PATTERNS: WE ARE NOW SEEING A DAILY INVERTED HAMMER IN
WHICH IF FOUND AT THE BOTTOM OF A DOWNTREND (KEY LEVEL) INDICATES REVERSAL.

5.- BIAS: IS BEARISH BUT SENTIMENT IS BULLISH UNTIL PRICES REACH FULL RETRACEMENT.

6.- THOUGHTS AND EXECUTION: IT IS OBVIOUS THAT IM LOOKING TO LONG THIS PAIR.
ENTRY WOULD BE BASED ON SMALLER TIME FRAMES 4HR - 1HR FOLLOWED BY A TOP DOWN ANALYSIS.
BEST TRADING SESSION WOULD BE LONDON/NEW YORK.