Seeking Feedback on My Gold Market Technical Analysis – Any Suggestions or Ideas?

[syedameerabbas]

Hello babypips Gold trading community! I’m 23 and I’ve been trying out trading for about five months now. I’m still learning the ropes, but I’m pretty confident in my ability to learn about the market every day. I’m picking up lots of new things along the way.

I’ve attached a picture showing the technical analysis I’ve been working on. I’d really like to hear what you all think about it. Am I on the right track, or am I missing something? Also, I’m curious to know what your thoughts are about the current Gold market. Any input you can provide would be super helpful and appreciated.

Big thanks in advance for taking the time to share your thoughts. I’m really looking forward to hearing from you all. Thanks a bunch!

[steve369]

I can see at a glance that it’s a downward trend to the 1,903 level and then just below that to the last upward directional movement 1,895 at the end of June 2023.

Which leads me to wait and see if the trend will reverse back up again to 1,910, when it is a positive probability of continuing upward.

I would also seek out a fundamental analysis to see if it would be also appropriate to place a wait and see continuing downward trend to scalp at 1,890. The analysis should take into account whether market sentiment would prefer to keep unloading gold.

I hope that helps.

[syedameerabbas]

Hey steve369, thank you so much for taking the time to analyze my technical analysis and provide your insights! Your observations are quite insightful. I appreciate your input on the downward trend toward the 1,903 level and the potential for a reversal up to 1,910. Interestingly, you’re considering both technical and fundamental factors.

I’ll take your suggestion to heart and look into the fundamental analysis as well. Your analysis regarding the potential continued downward movement to the scalp at 1,890 was spot on. The market has indeed reached that level twice since your response. Your insights were incredibly accurate, and I wanted to express my gratitude for sharing your expertise.

Your thoughtful guidance has already proven to be valuable in refining my trading approach. If you have any more insights or suggestions, I’m all ears. Looking forward to learning more from experienced traders like yourself. Cheers!