CitRoN_RouGe

Gold – Seems bullish again but still to be confirmed

FX:XAUUSD   Gold Spot / U.S. Dollar
(1) Gold             price retraced back from Fibo 61.8 and broke also Fibo 38.2 retracement. In my opinion this picture is a bullish signal as far as it stays above Fibo 38.2.
(2) On 4H chart, EMA200 broken upside. But MA200 still resisting.
(3) Red resistance line active since September.
(4) Orange support line may work as a resistance line.

1300 psychological level was broken easily??? This makes me feel uncomfortable about a possible bull-trap.
I will consider to take long position only if the price breaks all the resistances noted above and stays above 1310 (blue point on the chart). Otherwise, staying out of the game seems safer.
Comment: Reaction came from MA200 at 1305, where two resistance lines crossed each other.
Price could not stay above Fibo 38.2.
If a lower high formation is confirmed, bias is on the bearish side.
CitRoN_RouGe, You use 1204 - 1357 fib, chart. Aren't you? Why not using 1261 - 1306 fib chart. It can indicate the level of short term retrace to 50% retrace (1261-1306) at 1284.
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CitRoN_RouGe, The one and only! I will enter a long (or short) position, only when the precious metals will go in the same direction as the dollar index (a real demand or oversupply), Or in a significantly larger movement than the dollar.
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@las_21, China's currency policy shows a weakening dollar continuing trend. Those who love to earn pennies, will be able (happily) to get into the long position soon... And earn a few more pennies.
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@las_21, Lets see how 1300 level will react to the 1260-1300 move.
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love it ! so are you short bias'd now?
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@eazywayout, Long side momentum still not confirmed totally, I take the blue point as a basis to take long position. Otherwise short side stays active.
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Best analysis
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anyway,i love the lovely girl:P
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Masha and bear very nice cartoon for kids. Nice work.
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CitRoN_RouGe PRO Wave-Trader
@Wave-Trader, Yes sweet Masha....
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