GOLD – Bull Weak

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We still maintain our previous bearish projection for GOLD as the price still unable to break away above reversal zone. We projected previously that price will reach  TP1 on daily (1197). Then price rebounded upward but unable to break upper channel and also heading to fibo retracement 50-61.8

Bullish candle seems weaker on confluence reversal zone and we projected that price is able to reach extended target of tp2 1172

 

Hourly

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  • Multiple sell and buy signal appeared signalling price moving on sideway range for short period of time
  • Current upward movement unable to break previous high and emergence of bearish reversal candle signalling possibility of downward reversal
  • Sell signal confirmed when price is able to break 1218 and projected to reach TP1 (1197)

 

Change of projection

  • If price manage to break 1250 strongly, next R to test around 1300
The above references the authors opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.

Ahmad Lokman graduated in Energy System Engineering from Fachhochschule Hannover, Germany. He is very experienced in power and energy sector for working as an engineer for more than 5 years. He started trading in currency, equities and futures since 2013. He combines Elliot Wave analysis with price action and fundamental drive to understand market move and projection prior to position the trade. He is now a licensed representative from Security Commission Malaysia and attached at Malacca Securities Sdn Bhd. He manages his own funds and also a proprietary trader of several Forex Brokers. He conducts investment classes and personal coaching for retail clients from all over Malaysia, and has made appearances on business TV, and gives talks to government agency regarding investment risk and potential. Ahmad Lokman is a holder of STA diploma (MSTA) with the Society of Technical Analyst (STA), United Kingdom. He  is a professional member of the Malaysian Association Of Technical Analyst (MATA).

TA certification: MSTA, CFTe

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