GOLD 16/06: Turbulent weekend
Updated
GOLD The Gold Price retreats towards the 1,950$ key support comprising Fibonacci 61.8% on the weekly play, Fibonacci 23.6% on the daily chart and the 5-DMA.In a case where the GOLD prod the immediate support, like it did Thursday, the bears will jostle with another important downside level, also the last defense of the buyers, around 1,940$ that encompasses 100-DMA and the Pivot Point one-week S1.
On the contrary, Fibonacci 38.2% on weekly chart joins previous daily high and the upper band of the Bollinger on the 15-minute chart to restrict immediate Gold Price upside near 1960$- 1963$
After the 100pip winning strategy I wrote this morning, I recommend a sell
GOLD strategy around the area 1976$-1980$Stop loss at 100pip per trade (I don't expect gold to go to my stop loss)
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