Hi! I hope you are all well and safe during the pandemic. Over the past few days, GOLD
has dropped from its 1900 levels back down into the 1700s after the FED meeting. Drawing FIB retracements from 1680s to the 1900s, there is support at the 1760-1770 range, depending on where the retracement is drawn from 1900 or the highs from 1917. Together with the daily and weekly Ichimoku clouds
, the lower end of the cloud looks to hit that 1760 level as well. Furthermore, there's a very strong reverse H&S
that can form though it could also drop with the current momentum back down to the 1680s. I'm looking to buy at 1760 with a SL around 1750, aiming for a target ~ 1900 where the final shoulder could be completed and would be near the recent highs. If you like the idea, please leave a like and comment and if you do not, feel free to comment. Thank you and all the best trading!