I'm going LONG in Gold, here are the main points that convinced me:
-- At the lower border of the upward channel (technically the price has currently surpassed the border, but due to other support levels just below, I believe that the price will re-enter the channel).
-- Psychological level of 1270 USD has proved to be a significant pivot point before.
-- 0.382 Fibo level @1268.02 USD gives additional strength to support the price.
-- Stronger Gold agrees with a weaker USD - as per my analysis, EURUSD is to approach a lower border of the upward channel and continue to depreciate against EUR.
Entering a long trade with TP @1307.80 with a potential to extend further in the channel. A healthy P/L ratio due to SL 10 pips below the Fibo level.
-- At the lower border of the upward channel (technically the price has currently surpassed the border, but due to other support levels just below, I believe that the price will re-enter the channel).
-- Psychological level of 1270 USD has proved to be a significant pivot point before.
-- 0.382 Fibo level @1268.02 USD gives additional strength to support the price.
-- Stronger Gold agrees with a weaker USD - as per my analysis, EURUSD is to approach a lower border of the upward channel and continue to depreciate against EUR.
Entering a long trade with TP @1307.80 with a potential to extend further in the channel. A healthy P/L ratio due to SL 10 pips below the Fibo level.
Trade closed: stop reached:
Ok, so Gold decided not to continue the upward channel and has reached my SL on its way down.
