Based off levels and trend lines i believe gold shows opportunity to the long side. I also believe from the fundamental side, things arn't as green on the other side as they think. Not a major bullish move but i definitely see more upside to gold at the present moment to retrace previous bearish movements. I believe the shorting seen on friday was fuel for more upside in gold. Price on the daily chart has also been forming HH's and HL's from the start of the year. A possible 5 wave pattern could be in play.
Key levels - 50% fib $1248.71
618% fib $1278.55
Target- $1285 to $1290
Key levels - 50% fib $1248.71
618% fib $1278.55
Target- $1285 to $1290
Comment:
The 50 Ema is also crossing the 200 Ema on the Daily time frame for added confluence
Trade closed: target reached:
Target reached - took profit before the easter break
Comment:
Wait for retracement before longing again