Hello traders.
Gold finally breakout from the consolidation box. It may give a drop from this level due to former August resistance, but if we take into account the general
status, dollar is weak. So, every dip will be a nice opportunity for long entry. My target is the Fib extension level (Starting point 1617) - level of 1.414 close to 1880 area. There are plenty intermmediate TP levels of course. The situation is that when price touched the 1803 area it gave a small drop not waterfall.
So, big institutions want this pair to move higher. It keeps the highs, it may won't even give a proper correction.
Also, let me add that I see that we are in the middle of wave 3 of Elliot theory - daily TF speaking.
The above scenario will be invalidated if we see a daily or 4H BoS regarding.
Gold finally breakout from the consolidation box. It may give a drop from this level due to former August resistance, but if we take into account the general
status, dollar is weak. So, every dip will be a nice opportunity for long entry. My target is the Fib extension level (Starting point 1617) - level of 1.414 close to 1880 area. There are plenty intermmediate TP levels of course. The situation is that when price touched the 1803 area it gave a small drop not waterfall.
So, big institutions want this pair to move higher. It keeps the highs, it may won't even give a proper correction.
Also, let me add that I see that we are in the middle of wave 3 of Elliot theory - daily TF speaking.
The above scenario will be invalidated if we see a daily or 4H BoS regarding.
Trade active:
Very good! NFP drop made this to be triggered and opened exactly at 1782.4 with a drawdown of 40 pips and at the moment the price is at 130 pips in profit. Close the 80%