FUNDAMENTALS
pressure point on gold, increasing war tensions with Iran air striking an US embassy (I would not be surprised if we see another attack very soon) as well as increasing threat from the corona virus spreading into Europe (it's rumoured that the Chinese have got a vaccine for it but need time to test so take any additional news on new victims of the virus with a grain of salt).
TECHNICALS
ascending TL
roof of price was broken and now has potential to act as support with 61.8% fib level.
if this level holds then we may see Gold continue bullish to 1600 level, I will be waiting for clear price action on the 4HR before entering
clearly my bias is bullish, however, we must be prepared for either direction- if this level is broken id expect to see price return to around 1552 level
pressure point on gold, increasing war tensions with Iran air striking an US embassy (I would not be surprised if we see another attack very soon) as well as increasing threat from the corona virus spreading into Europe (it's rumoured that the Chinese have got a vaccine for it but need time to test so take any additional news on new victims of the virus with a grain of salt).
TECHNICALS
ascending TL
roof of price was broken and now has potential to act as support with 61.8% fib level.
if this level holds then we may see Gold continue bullish to 1600 level, I will be waiting for clear price action on the 4HR before entering
clearly my bias is bullish, however, we must be prepared for either direction- if this level is broken id expect to see price return to around 1552 level
Trade closed: target reached:
I entered long today from 1566.615 on two positions, closed one at +60 other trade now running risk free
Trade closed: target reached:
second entry now over 200 pips in profit closed half today, letting the rest run! 😁