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FXProtector
Dec 14, 2015 12:46 PM

GOLD near 1000$ zone! Major trend change? Long

Gold/U.S. DollarFXCM

Description

Gold is slowly reaching strong support line and i am expecting for little bit bigger correction to the upside! If zone 1000$ will be ignored next probably even stronger support is around 700$ (about that next time):

Why this is strong PRZ (potential reversal zone)?
- Strong structure
- 1000$ round psychological number
- Fibonacci retracement 78.6
- Fibonacci extension 127.2
- Fibonacci inversion 141.4 - 161.8
- Bullsih divergence ( we might get triple divergence)

When price hit a chart enter with any entry technique you want:
I personally prefer double bottom with strong rejection candles. Or lower timeframe entry (if we won't get nice higher timeframe setup). You might enter with harmonic pattern or 2618 setup (from Akil & Jason)

Comments
FXProtector
Fibonacci projections are little bit messy, sorry about that!
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