Vladimir Ribakov analyzes gold's technical setup, identifying a demand zone with multiple bullish signals: a 100% Fibonacci expansion level, RSI near oversold, and over 20 candles on the lower Bollinger Band. He expects pullbacks to this zone to create short-term buy entries and potential bullish divergence on MACD.
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Hello traders, how are you? Vladimir here from Home Trader Club, and in this video I would like to share with you my analysis, trading plan, and follow-up on gold. I believe gold is reaching very interesting levels, and at least on short term I would expect the gold to start creating some buy opportunities again from specific levels. Um, not sure about the long term, but on the short term, I do believe these levels should be respected, and I want to explain why. Ready? So let's begin. So I shared the gold analysis, the full analysis, on my recent weekly forecast. If you missed it, please make sure you watch that. And as per the analysis I shared with you, I believe that the gold key level starts from here, and we are in a very strong demand area. Okay, that's serious buyers here. The reason is it was a strong resistance, and as the market came to retest it after the initial move down, right, A retest, another retest, consolidation. Then the buyers managed to take big control by pushing it up. This area came for a retest one, two times, and it is holding it. It's absolutely fantastic technical zone. So I believe that this area may be slightly lower. There is no problem with that, but this area starts to be very interesting zone where the buyers could, uh, resist the current bearish pressure. Besides that, take a look, uh, what do we have on Fibonacci expansion when we plot it on the first leg with this correction and the second leg. We are right on the 100 Fibonacci expansion level. RSI is right next to 20. Key oversold conditions. Last time it happened was here, and we all remember the strong bounce we saw afterwards. So with that in mind, and take a look on the Bollinger Bands from the last breakout to the downside. The Bollinger Band here, as you can see, from this moment, right from the breakout, the Bollinger Band duplicated 2 times, and the price is right there. Absolutely strong zone. So this is all happening on the daily chart. If we go to the 4-hour chart, here is what we will see on the Bollinger Bands. This is the zone I marked here, right? This is our daily and weekly zone we discussed before. So on a 4-hour chart, we have a sequence of lower highs, lower lows. I believe we are completing 5 waves down here. And what's coming next is very likely a slowdown. But take a look on the Bollinger Bands. We are riding more than 20 candles on the lower Bollinger Band without a significant pullback. All that brings the pressure to the zone and on the sellers. So what I expect here is, as we complete the structure of the lower highs, lower lows, we should see the MACD start building up here, um, the condition of higher lows while the market is making lower lows, uh, the indicator can start making higher lows. That's a condition of bullish divergence. Of course, that also could be built on the RSI. We can see 4-hour chart here, RSI also is down to the oversold condition. It's in slowing down. So I believe every pull down here, if happens brings this zone as a good zone for short-term buys. Ideally, I would want to see gold pushing back to this seller zone eventually, but there is a chance— if of course we will plot Fibonacci from the beginning of the move to the, to the bottom of the move, if the move continues lower, of course we need to adjust Fibonacci, right? But there is a slight chance that this— the market will slow down before that, close to this resistance zone. So the pullback here might be not too big, but, uh, still on the short term, again, this zone could provide good buy opportunities. So, uh, once again, I wanted to follow up on the levels we discussed in the weekly forecast. And as you can see, we are right next to key zones with very strong technical analysis-based methods. And we have a demand area from daily chart, we have the Bollinger Band duplication daily chart, we have Bollinger Band riding on the lower band for over 20 candles, we have the Fibonacci expansion on daily chart. And so much more. So watch out for the, uh, for the zone. And I believe in that case, every push down, if happens, should be an opportunity to look for buys, at least on the short term. Usually what happens in such cases, any, uh, bottoms become to be like fake bottoms. Bottom, bounce, bottom, bounce, bottom, bounce. And with that, it could provide good opportunities. Let me know what do you think about the gold. Share us your thoughts in the comment section. If you are new to this channel, welcome to our fantastic community. Please subscribe with the subscribe button below this video. 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