Daily has already developed a contractional phase showing neutral bias before breaking above
This breakout above is retail traders allow for the market to expand following a daily doji smart money traders sold against this and made incredible profit.
While price stays above the average tipping point price retail traders will continue to buy while banks and big...
based on the 4hr support was broken and now become resistance....
going down to the 1hr you have now 2 tests on the new found resistance... a hold here as a double top would cause the pound to fall
my target would be a 78.6% fib retracement of the current rally.... giving a 150 pip sell opportunity.
After initially buying at 1448 I took profit 200 pips up now at the 38.2% fib resistance plus our price structure resistance.
I now see a Descending Triangle in play - go to babypips.com website to learn about it....
I have a sell order at the previous lows in anticipation for a double bottom ... if i see support again at 1446 i will buy again and await the...
Low to high shows gold currently sitting on the 61.8% golden fib ratio with additional support at 1450.
I entered a long order at 1448.7 for the following reasons.
- commodity channel index oversold then crossed upward
- stochastic moving upward
- fib golden zone 50 - 61.8%
- uptrend has been established
- 1450 whole number level
- 1450 as a major support level...
Gold has recently rallied and been consolidating for the last few months.
Seems the consolidation within the 2hr chart shows to myself a head and shoulder inverse to continue the price to target daily highs near 1550.
A breakout of 1516 would be ideal to see buyers taking action from this pattern.