Gold GOLD 23.04.2024 Good time. Well, finally, our trading week is in full swing. Overnight, the yellow metal made a decent move downwards, it turns out that gold was falling on all sessions yesterday and continued to fall tonight, even faster.
The sell signal matured yesterday, as we discussed. This signal formed on the H4 timeframe and is supported by a 1-2-3 structure. The purple bar indicates the potential from the signal level to the targets. We have identified two targets, as there are two different risk levels. The first target for the decline is at 2284.35, the minimum target. The second target is the maximum, at 2256.17. As we can see, after the signal yesterday, there was no retracement to the north to enter medium-term sales. This means that the market is mainly dominated by local traders at the moment, with few medium-term traders (although this is all subject to change). To attract medium-term traders, a correction above the signal level is needed. Yesterday, I expected to see a correction around the mirror level of 2355.76. This could be higher or lower, but technically, this level is currently the most suitable.
On the second chart, I also add a Fibonacci grid and what I see. The Fibonacci targets of 138.2% and 161.8% coincide with the targets of the indicator signal potential. I also mark the boundaries of the descending channel. We see that there is a deviation at the bottom of the channel, a return to the north is possible. Based on my data, I will wait for the price at the level of 2355.76, but only for selling.
