Gold has once again retraced to my current weekly support and the last daily candle closed above it. Although the daily candle closed bearish, the 4H candles look like they have made support here and the last 4H broke above and closed above weekly support. A bullish harmonic has formed and it has made its way above the 0.236 fib.
I have entered a buy position at 1688. My stop loss is at 1676.50. My first take profit is at 1708.00 right at the 0.5 fib which also falls on the first resistance zone. My final take profit is the top of this weekly range at 1741.70. This trade has a 1:4.67 as a risk:reward ratio which is slightly higher than average. Unless fundamentals cause a break below weekly support, this trade is considered valid.
I have entered a buy position at 1688. My stop loss is at 1676.50. My first take profit is at 1708.00 right at the 0.5 fib which also falls on the first resistance zone. My final take profit is the top of this weekly range at 1741.70. This trade has a 1:4.67 as a risk:reward ratio which is slightly higher than average. Unless fundamentals cause a break below weekly support, this trade is considered valid.