Usoil has retraced to my Highlighted area ( New resistance, 38% fib level) as anticipated last week.
In the up coming days I will be looking for bearish price action, even a daily close below my highlighted zone.
If I get the correct signal to the down side. There is a high probability for it to go lower ( $41, Monthly Support )
At the moment Gold is in my highlighted blue area.
Monthly Support as been broken but candlestick hasn't closed below the 200 SMA on the daily & Weekly Time frame.
Looking to on the sidelines with this one. Till we get a break out.
Using the Bill Williams system on this one, we still haven't got a signal so we are neutral here.
As you can see there is a highlighted area. This is the Support and resistance from the daily time frame.
It looks like we got a false breakout. of course price cam back into the neutral area.
What are we wait for?
Awesome Oscillator is near zero ( At the ...
Red line is the Support on the daily time frame.
Waiting for gold to either pullback to 1250 and continue downwards.
Black dotted line is the support area on the 4 hour time frame.
I have my Short order 5 pips below the Black dotted line
Stop lose placed 5 pips above 1250.