Gold 4H Retracement Stops at Weekly H4 Camarilla Pivot

December 21, 2017 15:20

The Gold has been on the counter-trend move since it reached the M L5 level (Monthly Strong Support. The retracement is easily spotted in the 4h time frame. At this point, we can see that the W H4 stopped the retracement in its tracks and 1268.80-1270.50 could reject the price towards 1261.85. - W L3 pivot. Only if the price breaks below the W L3/trend line confluence we might see 1257 and 1252.60. If the price closes above the projected ATR high at 1273.14, we might see another bullish move towards 1280.60.

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 - Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

Follow @TarantulaFX on twitter for latest market updates

Sign up for Live Trading Webinars with Nenad Kerkez T

Connect with Nenad Kerkez T on Facebook for latest market update

Read the Camarilla trading blog


Forex101 Forex Trading Course