Today’s analysis – GOLD- trading above Daily S/R where a retest is probable,
Points to consider,
- Price Action Impulsive
- Daily S/R Support
- MA Golden Cross
- Oscillators Control
GOLD’s immediate price action is impulsive above Daily S/R, a retest will allow for a long entry.
The Daily S/R is in confluence with the .382 Fibonacci, a pullback is likely to finish with a wick formation.
Immediate averages are crossing (200 EMA&MA), this is a signal of a cross being imminent.
Both oscillators are trading in their respective control zones, remaining in these regions is indicative of strength in the market.
Overall, in my opinion, GOLD is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps,
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“Don’t blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin Shah’