Gold broke the trouble zone with another $50+ move to the upside
Hello traders. Gold has been consolidated around the trouble zone(1745-1756) for a while before making the decision to go up. The big rally candle tells us the strong momentum.
There might be a trouble level around 1780, besides that, I can't identify any more until the zone of 1804-1816.
Why I call 1804-1816 a trouble zone:
1. downtrend line
2. a bit above 61.8% fib
3. MAs
4. Flips
I already set alerts and watch for the possible reversal patterns. Before that, I'm bullish on gold. If you're a pullback trader, 1750 might be a good level to long.
There might be a trouble level around 1780, besides that, I can't identify any more until the zone of 1804-1816.
Why I call 1804-1816 a trouble zone:
1. downtrend line
2. a bit above 61.8% fib
3. MAs
4. Flips
I already set alerts and watch for the possible reversal patterns. Before that, I'm bullish on gold. If you're a pullback trader, 1750 might be a good level to long.
Comment:
On the 60m chart, price formed a nice curve structure with momentum to the upside.
Comment:
The bottom of the target is zone(1804-1816) is approaching.
Comment:
Okie. Price formed same high pattern around 1800. Now, I identify a key zone marked in yellow for your reference.
plan your trade and trade your plan
