The chart below is showing that the gold
price will attempt to make a bounce off our entry level of 1608.523 on the chart. This level is then backed by a further confirmation for continuation upwards as we found a 50% retracement
zone 5 pips below. A confirmation bounce off of these two levels will tell us lots about the macro environment and how badly investors are rushing for safe-haven assets ( Gold
) . There are many plus points for the precious metal as it continues to trade above the moving averages on the 4-hour, daily and weekly charts. The RSI
is also above the 50 mid-line on all of these timeframes too.
We plan on taking our exit at 1644.489 at an 2.24% ROI