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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.