After my last trade, based on RSI divergence -see the chart on my profile-, was quite successful GOLD went all the way down to make a new high low going perfectly synchronise with the new uptrend. It s very clear now that, unless huge positive development happening with FED&CO, GOLD will need to jump back to the uptrend trendline resistance making an higher high. What you see on the chart is : -HORIZONTAL WHITE LINE, one month fib retracement level -HORIZONTAL RED LINE, two weeks fib retracemente level -VIOLET TRENDLINE, new uptrend with support and resistance
I will use those levels with their respective break-out and with the help of RSI divergence, economic calendar and stochastic, to enter and exit trades while going up to the higher high which I think it may be around 78.60% fib level and historic resistance 1267.00, exaclty where trendline resistance and fib level cross each other.
TRADE SAFE !!!!!! LESS IS MORE !!!
Trade closed: target reached
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as said last week, was waiting for the price to make an another high around 1260 area but following fib level for preventing my SL to get reached, so once it could t break the important fib level at 1224, I entered the trade adding more everytime it broke resistance.
Comments
LotsOfLore
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Hopefully, we'll see. There are indicators for the downside as well unfortunately, namely the >100% retracement off the high is usually a warning sign for trend reversal... In any case I jumped on the opportunity and entered long at the low. My immediate targets are: 1249.50 and then eventually 1261.80 possibly Friday, although the liquidity drain makes it less likely imo.
Cheers and thanks
Cheers and thanks