Gold - strong support at 1300 Long

GOLD / U.S. DOLLARICE

Description

⋅ Sep 17, 2017 3:53 PM

Gold has broken out of the long-term triangle with a bullish impulse move.

Confluence at 1300 zone of:
1. resistance turned support
2. 38% retracement fib of last impulse move
3. round number & psychological support (of 1300)

... makes it a high probability area for a long-term long position if supported with bullish price action.

Order cancelled

⋅ Oct 2, 2017 7:23 AM

Price posted a bullish candle that closed strongly above 1300 on 25/09 however retreated strongly the following day.

The next significant technical support is 1240 - the intersection of the long term falling trend line and the near term 78.6 fib retracement

Comments

StanleyS

⋅ Sep 22, 2017 7:17 AM

Time will tell. Geopolitics X Fed. What I know is: I have no plan to trade gold at the crossroad :-)

TomUnderwood

⋅ Oct 2, 2017 7:24 AM

@StanleyS, I agree with you. It was interesting the amount of bullishness on gold once price broke and held above 1300. The consensus seemed to be that it was a clear ride from there up to 1400 but it didn't turn out to be so.

StanleyS

⋅ Sep 19, 2017 11:03 AM

Fed tomorrow could be game changer for gold.

TomUnderwood

⋅ Sep 22, 2017 3:15 AM

@StanleyS, Yup. Exactly right!

TomUnderwood

⋅ Sep 22, 2017 3:17 AM

@StanleyS, I still maintain a long-term bullish view on gold. However I would not be surprised by more short-term falls.