Seller failure at channel low. Pullback into strength. Targets 2 & 3
Pullback into the 21 SMA daily chart then continue up.
Bullish engulfing at .382 plus measured move pullback, continuation to the upside still looking good.
Yet to finish this measured move. Bears still have control until conquered, but if they are i'l be adding long on a pullback when the battle zone is breached.
If 1291.20 is tagged tomorrow, it's pretty safe to assume that 1276 is the new line of defense, safely defended by a bullish engulfing. Need to breakout of 1305 hopefully reaching 1325 for a pullback then start adding some more.
Expected a deep correction from 1304 due to being bulls target 1 on daily chart
As you can see gold has recovered at the .382 so a press higher than last time is expected. If it breaks out of 1375 and holds then the next SR level is 1438. Need to keep a keen eye on where the bulls defense line is going to be, so we can go short if it fails.
Looking for places of entry
NFP made this daily chart look massively bullish, but it still isn't a bull market until the bears have been conquered. Buyers are gonna keep on attacking on Monday trying to break the bears defense line whilst the sellers are gonna defend like crazy. The higher up it goes, the better risk to reward their gonna get as the stop has to be at 1283.12. If the bears...