In the SL area there are multiple Fib levels where the market could turn. Bottom of Yellow Zone 31fib, in the middle 50fib, top of the blue zone we have the 61 fib. All are strong fib levels that could hold price... its possible that gold could reverse down again and stay within the Range its been in for the past 6 weeks. Cot figures for last week shows a decline in Long positons and an increase in short positions yet Gold got stronger. Reason being Usd weakness in the market pushed it up. There could be a deep retrace this week but I will be waiting for a buy opportunity if not this week, next week.
Comment:
The market is in a strong up trend. We have not seen a proper retrace to the 31fib level yet. I'm still Bullish on gold and will wait for the Market to get to my levels before entering.
Comment:
The Market went higher than I expected. It has Hit a Supply Zone a potential retrace could bring the price to the 1212 level I was aiming for as a potential Long entry. My charts still point to a higher Gold Price. last week the market went up because of investors pulling out of the Dollar CoT figures conformed that with Long and short positions being reduced by the big banker boys. we saw Dollar strength though but with no volume in it which means 1 wrong move from the Dollar we could see it start to fall which in turn will push Gold Up.
Trade active:
Trade is still active on Gold.. the market was 5-6 pips away from TP. Remember trust your analysis!