PCMBrokers
Gold-PCMBROKERS
Gold since 2014.07.11 till now was in a strong and consistent Downtrend that Sellers were able to achieve the lowest price level of 1204.700.With cashing of some sellers’ trades (formation of candlestick pattern( Spinning top) in weekly time frame) the price ascends and currently with closing of bullish candle on first day records the bottom price of 1204.700.According to the formed price movements, RSI indicator is in saturation sell area and in divergence mode with the price chart that confirms the bottom price of 1204.700 and warns about changing price direction.
As it is obvious in the picture below, according to the formed movements in the chart there is AB=CD harmonic pattern with ratios of 61.8 and 127.2 between the top price of 1391.622 and bottom price of 1204.700 that warns about ascending of the price by completion of the D point. Also in CD wave of the mentioned pattern, there is another harmonic pattern (butterfly) that warns about the potential of changing price direction from the green area.Generally until the bottom price of 1204.700 is preserved, the price has the potential for ascending from the harmonic patterns.
#trader #traderlife #uae #onlinetrading #pcmbrokers #learntotrade #forex #dgcx #dubai #mt4 #broker #brokerage #currency #sell #buy #metatrader #gold
Gold-PCMBROKERS
Gold since 2014.07.11 till now was in a strong and consistent Downtrend that Sellers were able to achieve the lowest price level of 1204.700.With cashing of some sellers’ trades (formation of candlestick pattern( Spinning top) in weekly time frame) the price ascends and currently with closing of bullish candle on first day records the bottom price of 1204.700.According to the formed price movements, RSI indicator is in saturation sell area and in divergence mode with the price chart that confirms the bottom price of 1204.700 and warns about changing price direction.
As it is obvious in the picture below, according to the formed movements in the chart there is AB=CD harmonic pattern with ratios of 61.8 and 127.2 between the top price of 1391.622 and bottom price of 1204.700 that warns about ascending of the price by completion of the D point. Also in CD wave of the mentioned pattern, there is another harmonic pattern (butterfly) that warns about the potential of changing price direction from the green area.Generally until the bottom price of 1204.700 is preserved, the price has the potential for ascending from the harmonic patterns.
#trader #traderlife #uae #onlinetrading #pcmbrokers #learntotrade #forex #dgcx #dubai #mt4 #broker #brokerage #currency #sell #buy #metatrader #gold