Gold is still fail to make a valid breakout at the upper TL, and the direction is still unconfirmed.
Wave 4 in my opinion is not completed yet and the gold is in the range of 1575 - 1623.
Good support line : 1607, 1595. 1575.
Resistence : 1622.
No plan, no trading:
Short at 1620 , SL 1625. TP 1607. Risk&reward ratio : 1:2.5
Buy stop : 1624 , tp 1640 1660
Buy limit : 1575.
1595 and 1607 position needs to be test twice to see if long at this price.
Note: follow with your own risk. I wrote these analysis just for my personal trading records.
Wave 4 in my opinion is not completed yet and the gold is in the range of 1575 - 1623.
Good support line : 1607, 1595. 1575.
Resistence : 1622.
No plan, no trading:
Short at 1620 , SL 1625. TP 1607. Risk&reward ratio : 1:2.5
Buy stop : 1624 , tp 1640 1660
Buy limit : 1575.
1595 and 1607 position needs to be test twice to see if long at this price.
Note: follow with your own risk. I wrote these analysis just for my personal trading records.
Trade closed: target reached:
buy stop 1624 closed at 1637 now
Now we need to be careful with adding long position until a nice retracement happens, 1600 is a good position to re-entry.
I'm considering small short around 1640 now and SL 1645