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...
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 .