Gold ounce november 21th 2018 price action analysis
As seen from the 4-ounce gold ounce chart, purchasing pressure in the US dollar has pushed the ounces of gold close to the resistance line drawn from the peak of $ 1243. $ 4 would fall. This trend line correlates with 78.26% Fibonacci retracement at 1228.7 and an estimate of 161.8% Fibonacci at $ 1229.3. Assuming sales pressures intensify, the 4-hour chart could go down to support of 1209, the September reopening of $ 1,200. It is not clear, however, that the downside will continue. The reason for doubting the upcoming gold ounce is the status of weekly and daily charts.
The gold ounce weekly chart can climb to 1236.6 USD. In addition, an estimated 127.2% Fibonacci retracement of AB = CD is completed at $ 1,261.4, which is a bit short of a 1260-dollar weekly gain of $ 8. On the daily chart of gold ounces, the market is trading on the bullish channel and the daily ounces of gold is set to resistance at $ 1236.9 a barrel. Note that the daily resistance of $ 1236.9 is consistent with the weekly resistance of 1236.6.
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.