Gold november 22th 2018 price action analysis
The 4-hour resistance line has been re-activated since the peak of 1243. $ 4. As pointed out in the Price Action Report yesterday, this resistance line with 78.6% Fibonacci at 1228.7 and an estimated 161.8% Fibonacci at 1229.3 is well suited. It is still unknown whether ounces of gold will again be squeezed out of this range. Especially since weekly and daily ounces of gold are indicative of continued upside movements.
The gold ounce weekly chart can climb to 1236.6 USD. Also, on the chart of weekly ounces of Gold, there is an AB = CD pattern, which is estimated at 127.2% at $ 1261.4. This level has a slight gap with a 1260-dollar weekly resistance. On the daily ounces of gold chart, the market is trading on the bullish channel, and the ounces of gold may well rise to $ 1236.99. This daily resistance is consistent with weekly resistance.
Read more: Will the gold continue downwards?
Price action strategy
Based on the above, one could expect an ounce of gold to rise. Although ounces of gold have reacted negatively to the four-hour resistance trendline, most traders still pay $ 1236.6 a weekly gain. The 4-hour supply range 1245.0-1240.3 is located just above the weekly resistance, and so you can expect a fake failure of weekly resistance.
For this reason, by forming a 4-consecutive downtrend pin, around the weekly resistance, you can enter the ounces of gold deal. The first profit margin of the sale of an ounce of gold is the line of resistance to the four-hour period.