Price showing ABC correction after initial 5 part bullish wave and rising wedge pattern.
Expecting price to retrace into the golden zone (62% retracement level on 1D timeframe) and touch the 50 EMA for additional confluence at $50,000 institutional figure by next week.
I will go long at $50k and hold until the end of the year.
Gold playing ball with the fib (0.382) at the mo and acting as support.
Macd with divergence signaling price dropping.
I'm looking for a bounce up off the trend line in the golden zone. I won't blindly enter. Will look for an entry on the 15min chart.
Using Fibonacci Retracement as my key indicator, you can see Gold has respected 23.6 level since the major bearish move last week. From also using the Stochastic indicator, you can we are current sat at 50. I would like to see price retrace slightly to the 23.6 level before making a Bullish move to the Golden Zone.
With a 1.66 Risk to Reward, a promising set up,...
GBP/USD May fall 90 -150 pips
Insight - Price is still following the downwards trend line with support now at 1.2202 and resistance at 1.2395. A double top appears to be forming at support, following the downwards trend line on the 15m timeframe, which could indicate further downside.
Intraday - Short
Buy or Above: 1.2202
Target TP: 1.2395 &...
GBP/USD May rise 100-150 pips
Insight -Price moving in a downwards trend, has broken previous support level with price now
below the 23% on the fib, may hit lower support at 1.2763, then test resistance at 1.2847 and go
long then reverse once price is at the golden zone.
Intraday - Buy
Buy or Above: 1.2763
Target TP: 1.2847 & 1.2915
Platinum broke out of the descending channel as indicated by the bullish divergence on the 4h on the MACD
price got stopped at the 0.382 level , next stop upwards form here and once we pass this resistance is the first stop in the golden zone at the 0.5 Fib level as indicated on the chart .