After a Volatile Week due to the news Gold is trading very close to it's key level of 1450.00. So far we can see a fake out of the channel around another major level (1440.00), this level has acted as a good support previously and the 200 ema aligning to add that extra confluence for the bounce up. My prediction is that Gold has a lot of bullish momentum at the moment. I see resistance of 1450.00 breaking, we have a bullish fibonacci in play on 1hr, 50% retracement currently being respected and the -27% aligning well with our previous high,furthermore, -61.8% with the top of the channel.
I'd love to hear your point of view and ideas. Remember to trade safe and stick to your own analysis always. Have a profitable week!
I'd love to hear your point of view and ideas. Remember to trade safe and stick to your own analysis always. Have a profitable week!
Trade closed: target reached:
I just realised i tagged this under shorts X_X.... It was meant to be Longs**