As chart shows, we are in the middle of wave 3 of gold's .
The end of the wave 3 can b 1281(fibo 1.618) or 1318(fibo 2.0)which makes gold finishing .
In the last cases, gold will be really finishing power of bull and start sideway or a straight down to a strong support, which is usually happen in March by tracing back the gold's movement habit.
Now in 1h chart, we noticed a breaking up of 1244.
As long as the support of 1240-1244 valid for gold , gold will touch 1281 or higher to 1318.
Here are the plans:
A. SHORT TRADE
POTENTIAL RR:1/1 TO 1.6/1
B. LONG TRADE( I believe most of the traders are waiting for this tooo)
POTENTIAL RR:1.5/1 TO 3.5/1
Less is more!
the best thing we want to happen to gold is that its will retrace back to 1240-1245.
But now, 1250 seems provide a pretty nice support for gold right now.
And before the Trump's speech, gold can take a ride on the rumur, no matter what the big guys going to say.
So i closed the short trade already, and make a long trade open.
short trade in when hitt the highest and RSI div