Short and simple. Gold recently broke the 1300 psychological level of resistance, making higher highs and higher lows. We saw price retest the broken level as support, followed by a confirmation of trend reversal and continuation on 4H chart.
- 3 point Doji reversal from the 1302.85 daily support level.
- Fib 50% retracement on daily chart which almost aligns with our daily support.
- Daily MA moving up with the direction of uptrend.
...Potential weekly MA crossover
I am strongly Long on gold. I expect a pullback from the 1315 level to come meet the fib 61,8 level retracement zone.
Long entry: 1311.29
Stop-loss: 1307.76 (35 pips)
Take profit: 1338.71 (274 pips)
Risk Reward is roughly 1:8
- 3 point Doji reversal from the 1302.85 daily support level.
- Fib 50% retracement on daily chart which almost aligns with our daily support.
- Daily MA moving up with the direction of uptrend.
...Potential weekly MA crossover
I am strongly Long on gold. I expect a pullback from the 1315 level to come meet the fib 61,8 level retracement zone.
Long entry: 1311.29
Stop-loss: 1307.76 (35 pips)
Take profit: 1338.71 (274 pips)
Risk Reward is roughly 1:8
Trade closed: stop reached
Price hit stop-loss. Saw a consolidation around support area, decided to let it play out and as price broke through and came back to retest the support as resistance, I countered with a short from 1309 level. Entry: 1309.41
Stop loss: 1312.70 (33 pips)
Take profit: 1300.15 (92 pips)
Risk Reward 1:3
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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.