BernieKruger
Long

Gold Trade opportunity between the Fibs

OANDA:XAUUSD   Gold Spot / U.S. Dollar
I can see an opportunity here. Gold has retraced perfectly and bounced from 0.618 fib measuring from the last swing low.1420.30. 0.618 fib from the high gives us a target 1440.91 and there is some resistance there too. In between there is nothing until 1436.37 the highs from earlier in the month. I am going to look for gold to show some buying interest first, if it gets to 1427 and then a pull back to 1423 or lower without breaking through 1420 it would be a good sign. If we get a bounce off 1420.27 exactly then I would be very confident of a 200 pip run back to 1440. For me it all depends what happens in the first 3hrs, if it doesn't go where I am looking then it's not worth pursuing. This is a high RR trade depending on how close to 1420 you can get an entry if I can open a position at 1423 SL 1420 tp 1440 RR is 5.6.
Comment: Gold has touched 1427.98, 0.618 will be 1423.20.
We'll wait and see
Comment: Just hit 1423.20 and bounced Looks good to go long
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