A TECHNICALLY CORRECT LONG TRADE ON GOLD!
Hello traders i hope you are having a nice trading week so far(at least i do,LoL) what a rally gold is having?
At last Gold broke the descending trend line that it was holding it in a longterm bearish trend since 2011.
And the question that all traders want to know is where is the ceilling?In my opinion is not too far after we see an another big correction but it is too early to say.
Short-term we can read the charts and we have our answers..
Let's see..
TECHNICALS OBSERVATIONS
1.Price is above 200EMA in bullish trend so longs are favored.
2.Price is currently sitting at the bottom blue trend line of the ascending channel.
3.Price is also at the crucial 61.8% Fibonacci retracement of the last leg up.
4.We have the ichimoku clouds as support which are well respected at this rally so far.
5.We also have an important horizontal support level based on previous price structure at 1320 area.
6.We have an RSI enetring in oversold area soon.
7.Stochastics are already in oversold area.
8.We have the Elliott waves coinciding with principles and price action and our current multiple correction wave.We can see also a possible ABC correction before the continuation upwards.
POSSIBLE LONG TRADE
STOP LOSS AT 1310-1315$ AREA
ENTRY PRICE 1320$ AREA
FIRST TARGET T1 AT 1350$
SECOND TARGET T2 AT 1370$
THANK YOU FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
At last Gold broke the descending trend line that it was holding it in a longterm bearish trend since 2011.
And the question that all traders want to know is where is the ceilling?In my opinion is not too far after we see an another big correction but it is too early to say.
Short-term we can read the charts and we have our answers..
Let's see..
TECHNICALS OBSERVATIONS
1.Price is above 200EMA in bullish trend so longs are favored.
2.Price is currently sitting at the bottom blue trend line of the ascending channel.
3.Price is also at the crucial 61.8% Fibonacci retracement of the last leg up.
4.We have the ichimoku clouds as support which are well respected at this rally so far.
5.We also have an important horizontal support level based on previous price structure at 1320 area.
6.We have an RSI enetring in oversold area soon.
7.Stochastics are already in oversold area.
8.We have the Elliott waves coinciding with principles and price action and our current multiple correction wave.We can see also a possible ABC correction before the continuation upwards.
POSSIBLE LONG TRADE
STOP LOSS AT 1310-1315$ AREA
ENTRY PRICE 1320$ AREA
FIRST TARGET T1 AT 1350$
SECOND TARGET T2 AT 1370$
THANK YOU FOR SUPPORT!
KEEP FOLLOWING FOR MORE PROFITS!
Trade active
Comment:
Stop loss manually moved to 1.300 $ based on price action and 1.315-1.300 resistance/support area.Trade valid if price remains above 1.295-1.300 until the close of this weekly candle.