for you that have long position under 1270 and don't want to close this week, I suggest you to give longer range in your stop loss until at least 1250. in my opinion, this thing will down lower until break 1260 and test the daily trendline.
X, A, B, C, has confirmed. Point D is the best choice to join market with long position. set your stop loss under X point.
this is time to join as buyer in gold
resistance in H4 before was broken with the strenght of uptrend, but now gold is looking for best support. in my sight, 1265-1267 is the best choice to entering as long position in gold. with stop loss 1260. (quasimodo pattern)
possible buy in gold with RR like in my pict
gold is in the way to make A GARTLEY PATTERN, but before it go lower, it need to break minor support first at 1292. if support broken, it can help for gold to go lower and reach at 1287 (this is our chance to go with market for long position.) analysis: 1. you can join short now and then buy when price at 1287 (but you must take the risk because gold in strong...
in my opinion (that could be wrong) gold give a sign that it has come in the last movement in downtrend before its UPTREND. so.. if Im not wrong, It will FALL (last time) and will go UP (long time, continue its bullish)
hopefully retrace will happen in that area again (double top) and check for support. we can take this opportunity to short in gold and take some profit.
I think gold will be fall deeper than before and break support at 1268. but I have an opinion that it will be raise for a while before go more down. set sell limit at 1285.45 and stop loss at 1291.
go long now. with stop loss and target, see my pict
not a really risk reward but.,it's okay.. then that's money too
with stop loss at 1291, I think there is a chance for us to start short in Gold between price 1284 and above.
just set buy limit at 1.16650-1.16700 may price will respond that area and we join with..
GBPUSD have broke the resistance before., and in retest zone. better for join market in long position, remember GBPUSD still in strong uptrend with target high (new resistance) before.
be patient for you out there who want to long in gold,, just take a moment for seller done with its trade. and we go long with GOLD again.
After GBPUSD make a new high and price shows a consolidation (support at 1.34700 and resistance at 1.36000). short is a better choice than long, even GBPUSD in uptrend. I hope it can go down in area 1.33400