Update for gold.
Negative US data impacted on this chart.
Some may see it as an elliot wave theory approach in the 4H chart with waves 2 and 4 pretty small.
The fact is that the pair is now bullish. So, the three green line are in my view the key support levels for intraday trades
especially the 1730 zone which is in confluence with 0.5 Fib level.
Furthermore, the 1764 level has been a strong resistance level which has not been touched since 26th of August.
Watch price action. Big wicks etc close to this level. if price breaks above and holds it will go for the 1803 level.s
On the other hand, there an equal probability for price to sell a bit and seek for support close to the above mentioned fib levels and green line
supporting areas.
Negative US data impacted on this chart.
Some may see it as an elliot wave theory approach in the 4H chart with waves 2 and 4 pretty small.
The fact is that the pair is now bullish. So, the three green line are in my view the key support levels for intraday trades
especially the 1730 zone which is in confluence with 0.5 Fib level.
Furthermore, the 1764 level has been a strong resistance level which has not been touched since 26th of August.
Watch price action. Big wicks etc close to this level. if price breaks above and holds it will go for the 1803 level.s
On the other hand, there an equal probability for price to sell a bit and seek for support close to the above mentioned fib levels and green line
supporting areas.