Gold buy opportunity at important price level
Updated
Gold stop loss hunted many buyers at 1680, then followed by bullish movement last week to indicate that the bear is taking a break. the retracement from 1730 looks weak, which to me is a good sign to plan a buy trade.
the chart is telling:
1. strong bullish movement since last Wednesday broke bearish structure
2. 1680 is the important price level which market has given many reactions for past 2 years
3. there was stop loss hunt last week
4. 1660 - 1680 is the 0.618 of latest bullish wave
5. the retracement looks weak
I'll try to long at 1671.575, target will be around 1760.
the chart is telling:
1. strong bullish movement since last Wednesday broke bearish structure
2. 1680 is the important price level which market has given many reactions for past 2 years
3. there was stop loss hunt last week
4. 1660 - 1680 is the 0.618 of latest bullish wave
5. the retracement looks weak
I'll try to long at 1671.575, target will be around 1760.
Trade closed: stop reached
Chance of expansion is getting bigger
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