Approaching a third touch confirmation on the larger bearish flag pattern on the weekly chart, but zooming in on the 4hr and 1hr we see consolidation on the top of the channel in the form of a bullish flag pattern giving confirmation of at least a double confirmation on the third touch before a short signalling a buy opportunity.
On the 1hr chart we can identify...
Gold - 4Hr - As with todays Silver trade idea, Gold is the safe haven when there is uncertainty in the markets. We have seen price push up over recent weeks and we don't think today will be any different. Yesterday we reached a high around the 1500 level. There is still room for the price to retrace to around the 38% retracement level, however we should then see...
Intraday - We look to Buy at 57.30 (stop at 56.50)
Posted Mixed Daily results for the last 4 days. The 261.8% Fibonacci extension is located at 62.00 from 50.30 to 54.80. Dips continue to attract buyers. Bespoke support is located at 57.30.
Our profit targets will be 62.00 and 62.10
Resistance: 60.00 / 62.00 / 63.80
Support: 57.30 / 54.80 / 50.30
1.618 times the length of wave (1) added to the end of wave (2) is my target. Stop loss is 1 tick below the low of wave (1). This is a great investment opportunity to add to your medium term portfolio. Very little risk and huge gain potential, just how I like it!
Ido not accept any liability for any loss or damage which is incurred from you acting or...
Last post: November 16th. See chart.
Review: Price was trading above the previous all-time high.
Update: Price is still above that all-time high and continues to look strong.
Conclusion: We need to see a breakout then we will look for long opportunities.
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