Gold prices are back to a familiar area, the 23.6% Fibonacci retracement of the 2015 low/2020 high range at 1832.48, as well as the 38.2% Fibonacci retracement of the 2020 low/high range at 1836.97. But this time is different than the last visit at the end of January: instead of support, this area is now resistance. Likewise, gold prices are finding former support in the form of the rising trendline from the March and November 2020 lows as resistance. Gold prices remain below their daily 200-EMA envelope, which is still in bearish sequential order. Daily MACD’s drop in bearish territory has halted, and daily Slow Stochastics are rising through their median line.
All the analysis is to me to a means of helping me identify positive trading opportunity(ies), I can identify a good positive risk/rewards ratio. * Where are you placing your risk, and where is the target potential - absent where you are setting your stop/ where you are looking to take profit.
@wolfdeutschland, HI mate, any reason or technical chart could be shared?
wolfdeutschland
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@tomwsh0312, well if u would go with the Elliot Waves.. 1,688 should be the lowest 5th wave.. n from there it shoould break out of the handle and could reach 2,400