GOLD: to keep it simple

TVC:GOLD   CFDs on Gold (US$ / OZ)
Hallo traders, good morning!

It's only Monday therefore please don't rush in and be patient.

I hope you all had a nice week end.

GOLD -0.32% , after hitting 1160 (X), bounced up towards the 200 SMA with a classic five wave move. During the retracement phase from 5 to B the price hold it above previous low (4) to form a divergence with B in the RSI . The push that the precious metal is receiving from the 200 SMA may drive the price to break B and target 4 or maybe even the 0.618 Fib from X to 5. Otherwise, if B hold and GOLD -0.32% crosses the 200 SMA price may target 5 or higher.

Please share your views and comments. Any idea is a contribution for better understanding The Matrix.

Please note that I am not a professional trader and these are my personal ideas only.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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