(1) Gold price retraced back from Fibo 61.8 and broke also Fibo 38.2 retracement. In my opinion this picture is a bullish signal as far as it stays above Fibo 38.2.
(2) On 4H chart, EMA200 broken upside. But MA200 still resisting.
(3) Red resistance line active since September.
(4) Orange support line may work as a resistance line.
1300 psychological level was broken easily??? This makes me feel uncomfortable about a possible bull-trap.
I will consider to take long position only if the price breaks all the resistances noted above and stays above 1310 (blue point on the chart). Otherwise, staying out of the game seems safer.
(2) On 4H chart, EMA200 broken upside. But MA200 still resisting.
(3) Red resistance line active since September.
(4) Orange support line may work as a resistance line.
1300 psychological level was broken easily??? This makes me feel uncomfortable about a possible bull-trap.
I will consider to take long position only if the price breaks all the resistances noted above and stays above 1310 (blue point on the chart). Otherwise, staying out of the game seems safer.
Price could not stay above Fibo 38.2.
If a lower high formation is confirmed, bias is on the bearish side.