Trading Plan:
1) AO and Fibonacci Analysis :
- The Awesome Oscillator (AO) indicates the potential formation of a lower high (LH), which could signal divergence, suggesting a potential price decline.
- Using Fibonacci retracement to identify levels where the price of gold may experience temporary increases.
- Levels 1.236 and 1.618 may be relevant, especially as they intersect with the trendline plotted, adding confirmation to the resistance levels.
2) Trading Plan:
- Planning to initiate a sell position at the level of 2042.50, aligning with Fibonacci analysis and technical resistance.
- Setting a stop loss (SL) at the level of 2047.50 to limit losses if the price moves against the prediction.
- Setting a target profit (TP) at the level of 2023.00 as a potential reversal point expected.
3) Risk Management:
- It is essential to implement proper risk management, including the use of stop loss orders.
- Taking into account fundamental factors and market sentiment before making trading decisions.
1) AO and Fibonacci Analysis :
- The Awesome Oscillator (AO) indicates the potential formation of a lower high (LH), which could signal divergence, suggesting a potential price decline.
- Using Fibonacci retracement to identify levels where the price of gold may experience temporary increases.
- Levels 1.236 and 1.618 may be relevant, especially as they intersect with the trendline plotted, adding confirmation to the resistance levels.
2) Trading Plan:
- Planning to initiate a sell position at the level of 2042.50, aligning with Fibonacci analysis and technical resistance.
- Setting a stop loss (SL) at the level of 2047.50 to limit losses if the price moves against the prediction.
- Setting a target profit (TP) at the level of 2023.00 as a potential reversal point expected.
3) Risk Management:
- It is essential to implement proper risk management, including the use of stop loss orders.
- Taking into account fundamental factors and market sentiment before making trading decisions.