Currently Gold is consolidating in a lower timeframe channel.
We can enter at the 0.5 fib which coincides with dynamic support and is in-line with
the most recent broken resistance come support.
There is potential to see Gold come down further towards the highlighted 0.764 Fib, and the most recent hourly Long-Legged Doji - a classic indication of market indecision, however the wick tops and bottoms reveal to us the upper and lower limit of the bull and bear dynamic.
Entering at the 0.764 is ideal for those who wish to minimise their stops, which should be set below the most recent low 2634. Targets should be set below the highlighted level 2688 to ensure capture.
Entering at the 0.5 Fib gives us a 1.75 RR
Entering at the 0.764 Fib gives us a 3.91 RR
We can enter at the 0.5 fib which coincides with dynamic support and is in-line with
the most recent broken resistance come support.
There is potential to see Gold come down further towards the highlighted 0.764 Fib, and the most recent hourly Long-Legged Doji - a classic indication of market indecision, however the wick tops and bottoms reveal to us the upper and lower limit of the bull and bear dynamic.
Entering at the 0.764 is ideal for those who wish to minimise their stops, which should be set below the most recent low 2634. Targets should be set below the highlighted level 2688 to ensure capture.
Entering at the 0.5 Fib gives us a 1.75 RR
Entering at the 0.764 Fib gives us a 3.91 RR
Trade closed: stop reached
Stop was hit. Gold appears to have faked out the channel to test the strong local support 2618 a final time before pushing up towards 2678
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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.
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.