zhipengcfel

Support and resistance levels for gold

FX:XAUUSD   Gold/U.S. Dollar
7 months ago
Gold             got supported at 0.618 fib level and rising support line. It seems that gold             is now in a more flat rising channel (red colour). Pay attention to the red bearish line. It will confirm more uptrend if it can break it up. Otherwise gold             might retrace back to the support line again.

Trading plan:
Go long if oil             retraces back to the support line at 1210~1220
SL at 1199;
TP1 at 1255
TP2 at 1276
TP3 at 1293

Good luck for everyone!
7 months ago
Comment: TP1 touched! The moving up is a clear five waves. After the short retrace it should go up again for TP2 and TP3.
7 months ago
Comment: TP2 touched! Five waves up has completed likely. Wait for the retrace back and go long again.
7 months ago
Comment: TP3 touched. All of longs were closed. The price was rejected back from red channel line. I will watch carefully what it will go and might open short positions.
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