Short-term retracement for GOLD! Opportunity to accumulate!
Hi All,
After a strong bounce up we may have arrived to a short-term profit taking area. After which our journey in North direction should be resumed.
On the daily chart we can see a bearish Butterfly formation. What is more we hit the upper bound of our ascending channel (light-blue lines) + Stochastic indicator is overbought.
From here I take into consideration 2 scenarios:
The first one is a direct retrecement to the lower bound of our ascending channel (1220-1230 area).
OR
We may see another push up to the proximity of a strong resistance area and important Fibonacci level. After that we should rollover till 1230 area.
Good luck & have fun!
PS. I really want to emphasize that I am a gold enthusiast! Especially in the long/medium - run.
After a strong bounce up we may have arrived to a short-term profit taking area. After which our journey in North direction should be resumed.
On the daily chart we can see a bearish Butterfly formation. What is more we hit the upper bound of our ascending channel (light-blue lines) + Stochastic indicator is overbought.
From here I take into consideration 2 scenarios:
The first one is a direct retrecement to the lower bound of our ascending channel (1220-1230 area).
OR
We may see another push up to the proximity of a strong resistance area and important Fibonacci level. After that we should rollover till 1230 area.
Good luck & have fun!
PS. I really want to emphasize that I am a gold enthusiast! Especially in the long/medium - run.
Comment:
looks like 2nd scenario is in play.
