Gold once more is testing the T.L support from 16th December 2015.The 1298-1318 is significant area,with FIB level @ 1298 . The short term T.L resistance from July 10th remains intact.Currently Gold is trading below the 20 day SMA and with NFP just a week away. We are bound to see a major shift in direction on Gold.Lets suppose it breaches and closes below the T.L support from Last year Gold will be considered bearish again and we will look to short lower highs and if the bull run is to continue then I expect to see a move back higher and breakout of the T.L resistance from July for a retest of 1366-1374 , once 1374 clears out we can expect to see 1400's perhaps.Right now Gold is definitely something worth keeping an eye on !
Comment:
SHORT TERM STRUCTURE AND SETUP :
LOW RISK , HIGH REWARD :
LOW RISK , HIGH REWARD :
H4 OUTLOOK : Strongly bearish on H4 as well