This fancy pair has reached an overbought level - short term speaking.
Two immense bullish candles and the retracement has already started. For the second big move, price may retrace to 0.5 level for a nice 50 pips target - buying opportunity.
50 pips is enough!
However, in terms of the whole move that started approx. @1617, the price may retrace to black Fibo drawing which is in confluence with major former resistance level - if this happens
it will be a great retest opportunity if we see long wicks to the bottom and not big red candles!!!
Also, the 1675 area is a high volume one with possible OBs lying there for strong bullish reaction.
Targets for the big buys -> 1713 area.
Reminder: Gold has broken bearish daily trend line and has overcome many resistance levels by hunting retailers of course.
Even a 1657 area touch - trendline retest for continuation back up is possible.
Waiting to see your ideas in comments.
Goodluck!
Two immense bullish candles and the retracement has already started. For the second big move, price may retrace to 0.5 level for a nice 50 pips target - buying opportunity.
50 pips is enough!
However, in terms of the whole move that started approx. @1617, the price may retrace to black Fibo drawing which is in confluence with major former resistance level - if this happens
it will be a great retest opportunity if we see long wicks to the bottom and not big red candles!!!
Also, the 1675 area is a high volume one with possible OBs lying there for strong bullish reaction.
Targets for the big buys -> 1713 area.
Reminder: Gold has broken bearish daily trend line and has overcome many resistance levels by hunting retailers of course.
Even a 1657 area touch - trendline retest for continuation back up is possible.
Waiting to see your ideas in comments.
Goodluck!