Gold was down trending for several months before falling into consolation on a daily time frame and that lasted several weeks as well. We finally had our impulse out of it and never returned to retest that consolidation zone. On the 4hr time frame we have been consolidating as well and now have fallen just shy of 1125 which is a quarterly level. If this breaks I could see price return to 1112.5 which is the resistance of that last consolidation zone on the daily time frame. This would also line up with the 50% fib level which would send price right around 1250. Also the 4hr emas are starting to come close and are about to cross which is a great sign. Keep note that we have to wait for those to cross to fully get into the trade. Bc if not price could potentially come up one last time to the top of that zone before making its move down.
Comment:
TP HIT 140 PIPS