You can see a clearly breakout in h4 timeframe
Swing higher high and higher low are done, so it is confirmation a uptrend
New support is entry zone. You can wait a signal here
I like GOGO to move off this current support and make its way to the $27 range which is a mirror in length as shown in Orange and hits a 1.618 if you like your fibo's. Some resistance (or first targets) would be at the old high of $22-ish, and the $24-$25 zone from previous highs and where I think the 1.27 could chew up some momo.
This trade was originally brought to our attention this weekend in Jason Stapleton's Forex Market Preview video "Studying Harmonics" ( www.youtube.com ) As I take a look at it today price action (after creating a LLLC) has retested the previous level of support which should now act as resistance.
In addition to the structure level we also have a Fibonacci ratio...
Let 's try this again , Gold will most likely end up closing above it's 10 month MA. I will open a position if that the case and hold it till the end of the month. If it still above it's MA by month end , the position will remain open.
Cheers
Algo
