mcpeacocks
Long

Long on Gold daily

FX:XAUUSD   Gold Spot / U.S. Dollar
428 4 4
weekly chart shows falling wedge , and we just had a clear rejection at 1142 level, with bullish engulfing on weekly chart
RSI and stochs pointing upwards on daily; overbought at 1 and 4hr.
seeking entry point at hourly chart around retest of previous structure around 1175
Targets go at 0.5 and 0.764 fib levels of last swing: 1226.09 and 1268.87 respectively.
There is the possibility that the wedge will break out to the top, so the second TP can be kept open....
comments much appreciated.
good luck!
mcpeacocks jangseohee
maybe! seems to coincide with my TP1 so will keep an eye on it!
would possibly also match up with dollar regaining strength middle to end of next week?
+1 Reply
I have a similar chart. I think TP1 looks good since previous high lines up with fib 50.
Reply
I agree
+1 Reply
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