From a technical stanpoint we can see that GOLD has broken the acending channel that was moving.
1.One could say that in the daily chart a head and shoulders pattern has formed even though i won't use it in my plan.
2.A morning star candlestick maybe forming in the 4h timeframe so if that happens we should expect a pull back to the strong fibbo levels.
3.The 1300 area is a perfect sell opportunity since both the strong fibbo retracement levels of 61.8 and 50 as well as 200 EMA and 100 EMA exist.
4.Risk/Reward is around 1/2
So my plan is to sell at the 1300 area after the price bounces of the 100 EMA.There is a great chance that this scenario has already played out as in 29 Mar the price has tested the area.Still its worth the shot.
SO entry price 1300 after it starts to drop from 1301 1302
SL 1305
TP 1285 which is possible to be even lower.
1.One could say that in the daily chart a head and shoulders pattern has formed even though i won't use it in my plan.
2.A morning star candlestick maybe forming in the 4h timeframe so if that happens we should expect a pull back to the strong fibbo levels.
3.The 1300 area is a perfect sell opportunity since both the strong fibbo retracement levels of 61.8 and 50 as well as 200 EMA and 100 EMA exist.
4.Risk/Reward is around 1/2
So my plan is to sell at the 1300 area after the price bounces of the 100 EMA.There is a great chance that this scenario has already played out as in 29 Mar the price has tested the area.Still its worth the shot.
SO entry price 1300 after it starts to drop from 1301 1302
SL 1305
TP 1285 which is possible to be even lower.
Order cancelled:
It seems that a move to 1300 isnt going to happen anytime soon.I expect it to drop to 1270-1275 area and then start moving back up again.