Fundamental analysis: Remaining so bullish as long as my new Fib channel is not broken. (lower low daily candle below 1904-1909) 1. Equities market (US, Dax and Nikkei Indexes) will reach to theirs higher targets soon before the Q3 2020 review. 2. All markets now are correlated, a dramatic drop in Gold at the end of this month will not be positive for equities markets indexes. 3. Gold/ Silver or Metal markets (Copper or Platinum) are just in theirs first bullish cycle, all indicators can show higher targets. 4. DXY is not expected to finish its consolidation and pullback for upper side.
Condition: There are only three days left to close the weekly and monthly candles. From my perspectives, last week and until today bearish markets and a rocket pullback at the support 1904-1919 Fib 0.68 is a very positive set up for higher targets in Gold. Be careful to observe the price actions with the Thursday Meeting the virtual 44th Economic Policy Symposium. ( ecb.europa.eu/press/calendars/weekly/html/index.en.html )
It will be not surprising to see Gold at its ATH 2078-2083 in Sept or above 2000 in early Sept.
Market structure: Consolidation, yesterday a positive pullback from Fib 0.68 1904-1909 and the retesting at Fib 0.78 1963 should be printed out soon today or at NY market tomorrow for a bullish continuation. Target: 1963, 1980, and 2017. Entry: a break up this pivotal resistance 1956-1963 and the retest should be seen above 1945 ( we'd see 1h and 4h closing candles above 1940, it can be a good entry for new buyers). Exit: Bull Stop loss below 1932 - Bear short scalp stop loss above 1970. Note: Price actions now are well respected my Pitchfork analysis, which aims for the new ATH early in Sept or Oct. Risk : Reward: 1:3 or even 5.7
Risk management is a key, we are at the very important and pivotal points towards the end of this month. This bull set-up could be for a long run, not recommended for Long scalping, should put a small position and add more Long when we will see the healthy retracement and rally continuation.
Thank you very much for all sharing and comments.
Trade closed: target reached
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An unforgettable set up, one pump rocket at the NY open from 1930 1932 to 1976, please check these numbers out in my detail analysis.