Fxprotrader

Gold Time For a Pullback

FX:XAUUSD   Gold / U.S. Dollar
After a massive drop price in gold             has entered a key support zone where it's consolidating. In RSI it's clear that we have a bullish divergence which showing that this sell off it's about to be over.
For a proper entry in this one we should wait for a breakout of the short term resistance level . Stoploss should be placed just above the previous swing low and as for target we should aim the median line of the fork .

Like and comment if you agree,
John
Trade active
Trade closed: stop reached
You guys are weak .
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Looks like we have same thinking... =)
GOLD - Value for MONEY (fundamentally & Technically)
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Very nice analysis, so deep. It's so clever analyzing time ratios.. Well done!
+1 Reply
Fieldgate FxSaint
love it when different approaches lead toward converging thoughts ( / trading area)
+1 Reply
Like the analysis John.
Throwing a simple fib extension from the swing low at the start of Oct to the high a week or so later takes me down to a 'nice' 127 extension at the 1080-ish level (base of your support zone). Trendline from the swing high 20th Sep to those recent highs (all from IG data on the 60min).
I'm liking and looking for the long entry...in fact may put small order nibble entry at the 113 extension, just in case it has one of those daft spikes.

Realised I didn't press send....and probably no bad thing. looking to see if we get that nice bullish crab completion down around the 161.8 extension, which looks to be about 1050. Nice round number :o)
+1 Reply
Fieldgate Fieldgate
and part-b - that would also coincide with the 127 from the swing low(s) in July too.
+1 Reply
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