Monthly
From a monthly perspective, we did reject 1300 per oz last last month and we came back down to test the EMAs. This month it is clear that they have been respected as dynamic areas of support.
Weekly
From a weekly perspective, the trend is clear - higher lows and higher highs. Last week we had a strong weekly closer above our EMAs showing some direction and momentum to the upside.
Daily
The daily TF has been showing sidways price action but we can gradually see the higher lows and highs supporting our uptrend bias. If today closes strong then this shall increase the likely hood of successful longs. MAs are also upward facing in alignment with the weekly TF.
H4
The H4 TF has also been displaying higher lows and higher highs. We pulled back into our preferred fib region and rejected this area. We can also see a bullish engulfing candlestick on confluence with our MA crossover and CTL break.
From a monthly perspective, we did reject 1300 per oz last last month and we came back down to test the EMAs. This month it is clear that they have been respected as dynamic areas of support.
Weekly
From a weekly perspective, the trend is clear - higher lows and higher highs. Last week we had a strong weekly closer above our EMAs showing some direction and momentum to the upside.
Daily
The daily TF has been showing sidways price action but we can gradually see the higher lows and highs supporting our uptrend bias. If today closes strong then this shall increase the likely hood of successful longs. MAs are also upward facing in alignment with the weekly TF.
H4
The H4 TF has also been displaying higher lows and higher highs. We pulled back into our preferred fib region and rejected this area. We can also see a bullish engulfing candlestick on confluence with our MA crossover and CTL break.
Comment:
Stop moved to BE plus target re-adjusted to $1300 per oz.
Trade closed manually:
Closed early as a reversal looks like it's in the works - also AUDUSD looks like it's heading lower.