Gold has been in a correction since it made a double top at 1375. If you follow my last trade on gold and still have your short position, I think it is time to take profit. Gold will probably find some support at 1300-1305. I think there is a long opportunity here according to the chart:
- Trend line support.
- 38.2% Fibonacci Retrace @ 1307
- Last low at 1305
- Left structure shows major support area at 1300-1310.
I see a chance that gold will re-bounce to the resistance area at 1330-1335. The 23.6% Fibonacci retrace is at 1333.
Trade Plan:
- Buy Limit @ 1304
- Stop Loss @1297
- Take Profit @ 1332
Stay Tuned !
- Trend line support.
- 38.2% Fibonacci Retrace @ 1307
- Last low at 1305
- Left structure shows major support area at 1300-1310.
I see a chance that gold will re-bounce to the resistance area at 1330-1335. The 23.6% Fibonacci retrace is at 1333.
Trade Plan:
- Buy Limit @ 1304
- Stop Loss @1297
- Take Profit @ 1332
Stay Tuned !
Order storniert:
Gold only touched 1310 before moving higher as expected to the resistance area 1333. I have cancelled my buy limit order because I think gold has bounced but still has the probability of retesting the recent low at 1310 or lower. I will watch the price action first before making a trade.
