Gold has retreated back to an old daily pattern line (green dotted) where it took a bounce. It is also hovering around the weekly (orange) trend line which it broke recently.
Strong daily and 4 hr support are just below current price with 4 hr resistance just above.
Nothing is giving me a buy indication yet as the upside is not to great. It may bounce down off 4 hr resistance just to head back up off 4 hr support. It also may just keep climbing from here.
The trade is either as indicated on the chart with a sell 1380 or a breakout below the daily TL (green) would drop to the mid 1200's
For my breakout idea see attached chart
Educate yourself, create a trade plan, validate your trade plan with other traders idea's. Own your trades good or bad.
Strong daily and 4 hr support are just below current price with 4 hr resistance just above.
Nothing is giving me a buy indication yet as the upside is not to great. It may bounce down off 4 hr resistance just to head back up off 4 hr support. It also may just keep climbing from here.
The trade is either as indicated on the chart with a sell 1380 or a breakout below the daily TL (green) would drop to the mid 1200's
For my breakout idea see attached chart
Educate yourself, create a trade plan, validate your trade plan with other traders idea's. Own your trades good or bad.
Comment:
I am still looking for a bit more up before a larger correction to the down side. News pushed price down. I am looking for a longing opportunity at the .618
We have disrespected the weekly trend line but would want to see a shallow correction on the daily before looking for another long opportunity. Just be aware we may get a pull back to the weekly and that could be it for the down move.
A LTF trade could be a break of the purple 1 hr TL watch for the potential of more up but that could be the start of a big down move.