| Entry Point | Key Level | Projection | Stop Loss | |
|---|---|---|---|---|
| Gold | 1802.5 (Sell) | 1796.2, 1799.5, 1806.7 | 1756.4 | 1814.0, 1818.7 |
Gold Chart - Analysis time: 00:30 am
Commentary
Hi!, today I'm using Fibonnacci Retracements on 15min Gold Chart. I will wait for the market to break our two key resistance levels and then test our main level, I will enter my trade near 1802.5 going short this time looking for bearish trend.
Gold Chart - Result time: 19:33 pm
Commentary
Hi!, our Fibonacci Levels were broken as the market was still making its range. The only level that was respected was 1818.7(as circled on the graph). But at least we knew where our Stops should be if the market goes against us or in case of breakout. There was still something for the traders as you can trade between different fibonacci levels but this requires some skill. Let us look towards future and see how the market responds to our levels in coming week. More trades coming up, do visit!!
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