buykinisuk
Long

Gold to $1300.00 but Pullback First

FX:XAUUSD   Gold Spot / U.S. Dollar
Since my last post, my sentiment on Gold has completely changed.

I was awaiting a clear break blow the bottom trendline you can see on this chart. We did not get this - so I did not enter short. We infact got a heavy rally up from the last touch of this trendline , creating new highs and making me think Gold is back in Bull Mode.

From this area here (around the $1275~ Resistance area ) I am anticipating a pullback hopefully down to the 50-61.8% Fibonacci retacement area.

Now there is also a lot of support around this area, not only could it be another bounce of the lower trendline , there is also support from price action highs you can see.

There is a longer term daily Fibonacci which is also in play here, with its D1 extention lining up nearly bang on with the $1300.00 area, while the smaller Fibonacci has it's D2 extention also confluencing.

The thicker trendline is a daily trendline which we broke below, but we seem to be riding up the other side of it. Once support, it is now resistance, which looks like it lines up with the $1300~ area too!

We will sit back and see how this one plays out. I will update you when we see more movement. I maybe looking to add a CTL, for a break to trigger entry or a good candlestick/formation.
Comment: Hello, I've been away over the bank holiday weekend so I haven't had chance to update this idea.

As you can see we haven't seen the pullback I anticipated on Gold for the long entry.

The bulls were in control and it has now been taken all the way up to around the $1295 area. As you can see this was a touch of our upper trendline. I have adjusted the top of my Fibonacci tool, placing it at the top of the recent high around $1295.30~.

I am now waiting for a pullback to around the $1260-1265~ area before any entries Long.

A pullback to around this area would line up nicely with my new 61% Fibonacci retracement, the Previous Higher High (which is around $1263~) AND the lower trendline. So there is a lot of support around this area.

I may look to apply a counter trendline or a box of consolidation if we do consolidate around that area - a break to the upside of these would be added confirmation of a bullish continuation & therefore a good area to enter Long.

Will keep you updated! Thanks.
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