Similarly to Silver, Gold is retracing, possibly to 12580-1300 area. This area coincides with the 50% Fib retracement from the low of the end of May to the high of the beginning of July and an uptrend line in place from the start of the year. The weekly long-term GMMA (blue group of EMAs) is well separated and moving upwards, indicating with relatively high probability that the current price behaviour is likely to be a natural pullback in a well established uptrend.
Since Gold is almost near the 1280-1300 area, the safest play here is to wait for a rebound from this area and go long to the 1500 level, which corresponds the nearest round number of the 127% Fib extension of the current corrective move.
Lets see what happens!
Happy trading all!
Since Gold is almost near the 1280-1300 area, the safest play here is to wait for a rebound from this area and go long to the 1500 level, which corresponds the nearest round number of the 127% Fib extension of the current corrective move.
Lets see what happens!
Happy trading all!
