TECHNICAL:
1.
- Gold has been forming a possible Ascending Triangle pattern on the weekly chart since December 2015
- Price is now close to touching the ascending trend-line of the pattern for the 3rd time
2.
- RSI is nearing a level, at which the initial bullish reversal in the formation of the Ascending triangle pattern was seen
- RSI also extremely oversold on lower timeframes
3.
- 1240 Physchological level seen near the trendline so may be a possible level for reversal
4.
- 50 fib re-tracement of Bullish move from 18/12/2016 - 21/01/2018 coinicides with trendline resistance as well as Physchological level just below
FUNDAMENTALS:
- Alot of geopolitical tensions at the moment including:
- North Korea, still yet to confirm whether or not they will comply with Americas demands.
- US Trade war with China, Europe, India
STRAT:
- Set alarms for when price is 15-30 pips away from target price
- Wait to see what price action does around the 50 fib/1240 physchological level.
-Appreciate any thoughts, comments. Thanks for reading.
James .
1.
- Gold has been forming a possible Ascending Triangle pattern on the weekly chart since December 2015
- Price is now close to touching the ascending trend-line of the pattern for the 3rd time
2.
- RSI is nearing a level, at which the initial bullish reversal in the formation of the Ascending triangle pattern was seen
- RSI also extremely oversold on lower timeframes
3.
- 1240 Physchological level seen near the trendline so may be a possible level for reversal
4.
- 50 fib re-tracement of Bullish move from 18/12/2016 - 21/01/2018 coinicides with trendline resistance as well as Physchological level just below
FUNDAMENTALS:
- Alot of geopolitical tensions at the moment including:
- North Korea, still yet to confirm whether or not they will comply with Americas demands.
- US Trade war with China, Europe, India
STRAT:
- Set alarms for when price is 15-30 pips away from target price
- Wait to see what price action does around the 50 fib/1240 physchological level.
-Appreciate any thoughts, comments. Thanks for reading.
James .