1.Weekly Resistance strong/valid
2.Profit margin 1:3
3.No major resistance until $1300.75
4.Price action below the middle ma Bollinger band showing signs of weakness
5.Price in strong Support
The GOLD market has moved north since second half of December last year. These increases are significantly less dynamic than previous falls, initiated by results of last year’s presidential elections in the United States and are moving within a growth channel.
Although, as a result of the last growth impulse, at the beginning of June this year market for the...
After getting a TP try one more Trade
Gold done its corrective move. its daily support 1244 where weekly 1238 as its hold above 1238 we can see a jump toward 1268-74
Advice to buy in range of 1250-1242 sl 1236 tp 1272
description of why i entered this trade on chart. PERSONALLY i think gold is in an uptrend already so i always go with the trend because it is everyones friend.
We had a fibonacci retracement at the 38.20% area.
EMA's cross over to the upside.
Also break and close above daily/4hr resistance.
this is a swing trade most likely going to be held over the weekend.