Gold has broken its $1250 area for the first time in a while.
We are in a clear uptrend at the moment.
It has retraced back down to a previous key level (indicated by the blue dotted line) where price has reacted nicely.
This area lines up nicely with the 61% Fibonacci retracement level also.
This is also a touch of the inner trendline as you can see on the chart,...
Gold is currently channeling nicely around the 1250 mark. Potential for a new long position after the recent retracement to 1250.
Await the 1hr candle to close above 1250 (key psychological level) and above the longer term trend line. Price should see 1260 again.
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.
From the middle of November GOLD has been in a well defined channel and the pattern has been consistent.
Price has moved from the top of the channel rapidly down and then moved sideways and up back to the top of the channel and then fallen sharply. Currently price has broken through this channel and has returned to it. If it maintains the pattern, price will drop...