mytrade1602

3rd wave bull for gold

FX:XAUUSD   Gold / U.S. Dollar
192 0 13
It seems that the retrace is done, gold             goes on the bull cycle again:
1. bull flag
2. 0.382 Fib retrace similar as last wave
3. similar up-channel and down-channel intersection area, all of them show strong support.
4. RSI support.
Comment: The second one is 0.5 Fib Retrace.
Comment: Don't know why up-channel is not being shown on the chart. If you use chart share link :
snapshot
, you will see the channel
Comment: A re-test of the 1220 area is possible.
Comment: Gold looks so weak lately. See the price action around 1217~1220. If it cannot hold, it will lead to 1210, 1200
Comment: Let's see if the support lines will be tested multiple times before going up as before:
snapshot
Comment: Breached the support. It will go to next trend line, which is 1210 area and 1206 area.
Comment:
snapshot
Trade closed manually: Gold going down.
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