Gold Support is held, potential Long to retest the Resistance
Updated
Gold would continue to retest the resistance area (1948 - 1980)?
Fundamental analysis: DXY dump seems still a factor, but what I am looking for now that all equity market from Asian to USA have shown some signals to surge. We did see the same price action in all equity market + Silver + Gold and Bitcoin, they are so correlated to hold theirs support zone.
Bias: short term, Bull to retest the upward resistance. It will be nice to see we retest the Fib 78 area in Gold soon.
Market structure: Still in strong bull trend, Commercial short side is less than the last two days.
Target: 1950, 1966, 1980.
Entry: Buy the dip in 1h or 4h candles, risk management is the key.
Exit: 1919 for Long and 1956 for Short.
Thank you for all your comments and sharing. I highly appreciate your contribution and comments.
Fundamental analysis: DXY dump seems still a factor, but what I am looking for now that all equity market from Asian to USA have shown some signals to surge. We did see the same price action in all equity market + Silver + Gold and Bitcoin, they are so correlated to hold theirs support zone.
Bias: short term, Bull to retest the upward resistance. It will be nice to see we retest the Fib 78 area in Gold soon.
Market structure: Still in strong bull trend, Commercial short side is less than the last two days.
Target: 1950, 1966, 1980.
Entry: Buy the dip in 1h or 4h candles, risk management is the key.
Exit: 1919 for Long and 1956 for Short.
Thank you for all your comments and sharing. I highly appreciate your contribution and comments.
Comment
Target 1 and 2 are reached. Waiting for the break up to the last and finally important level 1980. Bias: Continue to buy the dip after the support confirmation at 1920, 1930 and 1942.
Trade closed: target reached
Last target is reached nicely. It is time to take a break in Gold chasing, I would update later my expectation. Bias: Remain in bullish until Gold could break below the EMA 50.
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