Gold prices have been undeniably bullish on the daily timeframe . Prices have been respecting a healthy uptrend since early December when a solid breakout above $1,240 was achieved. With the precious metal repeatedly creating higher highs and higher lows, bulls are clearly in the building. Gold has the potential to rally towards $1,333 once a solid daily close...
In our case we have trend line being hit and respected, historical support and resistance area respected thus far, 0.618 fib retracement on higher timeframe, and a 0.382 fib of recent bullish leg being our first entry.
You can see the breakout from the consolidation channel within orange.
Buying zones in strong light green.
If we close below 1260 we will most...
Simple structure and trend continuation setup.
We have previously strong resistance to, hopefully, act as our support in this trend continuation trade.
Together with the support, we also have a trendline which should add to the case.
..and we also see the double bottom at the previous resistance level.
This pair has been respecting structure and trend thus...