Hello Trader,
please see my idea on Gold. We are currently sitting on a strong support, which is made out of a longterm trend line + a Fibonacci Extension target of 0.618.
This target is the minimum requirement to be met in order to force the next impulsive from bullish side.
However, I think that we might break this triangle to the downside first in order to grab bearish liquidity, because a lot of traders will enter short on such a confirmation. This might be a good chance for institutional traders to grab the liquidity they need in order to send Gold to new All Time Highs.
This is no financial advice.
RT
please see my idea on Gold. We are currently sitting on a strong support, which is made out of a longterm trend line + a Fibonacci Extension target of 0.618.
This target is the minimum requirement to be met in order to force the next impulsive from bullish side.
However, I think that we might break this triangle to the downside first in order to grab bearish liquidity, because a lot of traders will enter short on such a confirmation. This might be a good chance for institutional traders to grab the liquidity they need in order to send Gold to new All Time Highs.
This is no financial advice.
RT