Gold has broken its $1250 area for the first time in a while.
We are in a clear uptrend at the moment.
It has retraced back down to a previous key level (indicated by the blue dotted line) where price has reacted nicely.
This area lines up nicely with the 61% Fibonacci retracement level also.
This is also a touch of the inner trendline as you can see on the chart, another added support level. - That's 3 levels of support the price action has underneath it.
I am waiting for a bullish candlestick to form from this level on the 4hrly before I will enter long.
Targets will be 1272~ which is the D1 extention on the Fibonacci, however I think 1275+ can easily be achieved.
Stops would be going below the recent low formed at 61%/blue dotted line area. Around 20-30pips below there.
We are in a clear uptrend at the moment.
It has retraced back down to a previous key level (indicated by the blue dotted line) where price has reacted nicely.
This area lines up nicely with the 61% Fibonacci retracement level also.
This is also a touch of the inner trendline as you can see on the chart, another added support level. - That's 3 levels of support the price action has underneath it.
I am waiting for a bullish candlestick to form from this level on the 4hrly before I will enter long.
Targets will be 1272~ which is the D1 extention on the Fibonacci, however I think 1275+ can easily be achieved.
Stops would be going below the recent low formed at 61%/blue dotted line area. Around 20-30pips below there.
So technically we would not have entered this long! However I did infact enter long and got stopped out - which is fine as I knew it was a bit of a gamble, a small stop and a massive reward target let me take the gamble!
We have broke the inner trendline at the moment on the 4 hourly.
This is a pivotal point for Gold at the moment IMO.
We have had a break down but a whip back up.
If you look at the daily TF you can see a possible hammer forming - if the hammer forms and stays above the inner Trendline, I would remain with a long Bias on this pair, however if it retests the Trendline as reistance and gives us some bearish Price action on the 4 hourly, we could be looking for shorts down to the overall Trendline.
So we will be keeping an eye on this pair on the 4 Hourly closes and Daily closes especially.