Gold breaks the channel and moves above the daily pivot for today. Pivot points are at the .382 Fibonacci retracement and the first daily support at the .786 Fibonacci retracement calculated from the beginning of the break. If the price cannot break below the pivot or the first daily support then the chance is still bullish with the target of increasing to the first daily resistance. But if the price breaks below the first daily support then the big chance is bearish with the target to the second daily support.
Daily Pivot:
R4 1250.43
R3 1234.43
R2 1218.43
R1 1212.36
Pivot 1202.43
S1 1196.36
S2 1186.43
S3 1170.43
S4 1154.43
First option:
-Open long positions if the price does not break below the first daily support
-TP at the first daily resistance
-SL pivot / first daily support or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks the first daily support
-TP at the second daily support
-SL at the first daily support or previous swing high
-Wait for confirmation before opening a position
Follow, thumbs up, and share for updates every day :)
Daily Pivot:
R4 1250.43
R3 1234.43
R2 1218.43
R1 1212.36
Pivot 1202.43
S1 1196.36
S2 1186.43
S3 1170.43
S4 1154.43
First option:
-Open long positions if the price does not break below the first daily support
-TP at the first daily resistance
-SL pivot / first daily support or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks the first daily support
-TP at the second daily support
-SL at the first daily support or previous swing high
-Wait for confirmation before opening a position
Follow, thumbs up, and share for updates every day :)
Comment:
if we look at weekly pivot points
Trade active:
if wave 5 finished, then this good chance to short position, daily resistance reached, pin candle, divergence appears, TP at pivot and SL on previous high
Trade closed: target reached:
The next potential move, key support at the first weekly resistance ($ 1200 / oz) or .5 Fibonacci retracement and 200MA, if it is unable to break then the chances of the price will move sideways (consolidate) but if it breaks down then the chance will be retest a weekly pivot (Fibonacci retracement. 618) and first weekly support (Fibonacci retracement .786)
