tommyf1001

Potential buy opportunity on Gold/USD

tommyf1001 Updated   
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Looking at the chart on Gold it looks like there could be a buying opportunity here. The price hit the bottom of this symmetrical triangle formation and is starting to reverse. It also hit the .618 Fibonacci retrace (in black) of $1236 to $1365. Looking at the RSI and the CMF on the 2 hour time frame, there is a clear divergence from the price on both indicators and are providing us with bullish signals.
1st target is at the .236 fibonacci retracement of 1316 to 1365 (in red).
2nd target is somewhere between the .382 fib retrace (in red) and the .786 retrace (in black).
Stop loss should be placed just below the .618 fib retrace (in black), and below this blue support trend line.

Trade closed: stop reached
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.