Summary.
This is the 3rd touch of the key level will it break or bounce? I am going to look to buy the break out at 148.440 set buy stop at 148.500 the risk reward here is 1:5.7. there also might be a retest of this area once broken and if this happens i will be looking for a strong bullish move.
follow profits with SL.
if there is a rejection i will have a sell...
2 scenarios break or bounce will be looking for 1.19 target. or 1.34.
sorry its a bit basic today ran out of time.
risk 80 pips for short to gain 500 or the same for around 900 long.
bias is short but only if it breaks 1.25 of not long.
will be looking to sell the gold at 1259.26 if it cannot break resistance. from previous price action there is a lot of consolidation in this zone so patience is key. fundamentals may nudge it out of the zone.
if the price does pull back to 1240.88 i will be looking for the swing up back to 1259.26 and beyond this level too with first targets of around 1279 then...
THE WAS REJECTION AT 0.75000 MARK ON THE RES LINE AND ON THE TREND LINE TOO. THERE ARE 2 SCENATIOS FOR ME HERE ON IS ANOTHER BOUNCE ON THE TREND LINE AND A CONTINUATION OF THE BOUNCE OR IT WILL BREAK THROUGH THE TREND LINE TO HIT THE MAJOR SUPPORT LINE.
this is an idea of the bullish in the green trend lines and being rejected at the levels in black.
the pink lines is where the area is of resistance and the rectangle.
on current price action where we are looking for reversal.
the double bottom with pin bar is key to my assumption.
the dotted line is where i believe the price will be around july.
USDCAD looks long from here there is a strong area of resistance previously so expecting strong support in this area now. There is a trend line that has been respected for sometime. the setup looks good but be careful that there is not a break of trend to see lowerlows formed.
TWO SCENARIOS HERE. THE FIRST IS LESS LIKELY BUT IT IS THERE TO BE RESPECTED. THE TREND LINE AT THE TOP IS DUE TO OPENING GAP ON THE 16/01/2017. THE MARKET WILL EITHER RESPECTED IT OR NOT RECOGNIZE THE LINE.
THE SECOND IT MORE LIKELY FOR ME STILL BULLISH TILL THE 0.87770 THEN THE REVERSAL TO COME IN.
IF REJECTION AT THIS LEVEL AND GOES BELOW 0.87 THEN I WILL BE...
The chart shows that gold is in a bullish trend today we saw a kiss of the trend line at around 1236. other areas of the trend has support and where it does not it either bounced before or had a small break of trend to the next resistance line.
i have described so key points in the chart i have made.
T1 1:7 RR
T2 >1:9 RR
my bias for gold is long for most of the year with pull backs here and there. gold could hit a high of 1450 this year. but for the short term i believe gold will reach first target of 1300 and maybe press on to 1310.
