Gold is looking to break through weekly support and rise to 1400 real soon.
Through my analysis it seems to be using listening to the Fib Retracement really well and bouncing of that trend line beautifully as it did times before. It broke through the previous Monthly Resistance which may act as a support now. It's currently set to break resistance (1320) but it may hold for a bit. I believe it may hit the first fib target which is perfectly shy off the Monthly resistance.
If it breaks through the monthly resistance at 1400 then expect it to continue to 1450 which is right below the second fib target.
Through my analysis it seems to be using listening to the Fib Retracement really well and bouncing of that trend line beautifully as it did times before. It broke through the previous Monthly Resistance which may act as a support now. It's currently set to break resistance (1320) but it may hold for a bit. I believe it may hit the first fib target which is perfectly shy off the Monthly resistance.
If it breaks through the monthly resistance at 1400 then expect it to continue to 1450 which is right below the second fib target.
Comment:
Broke through 1350! Heading to 1400 very soon
Trade closed: target reached:
Called it lol