Fibonacci is very powerfull at .618 for support and resistance so it's worth a look at whether $1587 is the resistance level that could stop the Bull stampede..
8 years is a long time, it's only 500 pips away and it's like a magnet to run to.
My Analyses on gold is gold is has broken 1543 a number of times and looks to head to 1555 again to retest the high if it breaks 1543 (.618fib) again.
It has bounced firmly from the .618 pullback $1532 ( which was a good oppurtinity that I missed :(...)
Fibonacci says you need to get back to the supply zone bitcoin .618 retracement is 7228. I'm not going to sell it back to there but if it can get there I'd be more confident of buying from that support level and getting a run to 17000.
Gold is testing the centre line and hasn't made any progress in July.
t's looking in need of a pullback to get more buyers involved at the moment but next time it goes up it might be a full on feeding frenzy that I want to be already into, not standing back watching.
My watch list.
$1298.46 is 38%fib retracement from the lowest point in 2015.
$1306.60 is 50% fib...
I can see an opportunity here. Gold has retraced perfectly and bounced from 0.618 fib measuring from the last swing low.1420.30. 0.618 fib from the high gives us a target 1440.91 and there is some resistance there too. In between there is nothing until 1436.37 the highs from earlier in the month. I am going to look for gold to show some buying interest first, if...
GBPUSD has broken the downtrend but still hasn't formed an uptrend. the bearish engulfing bar is a good sign of a retracement back to form an uptrend around the 1.3045
I am looking for a pullback to the .382fib from the previous days bar for an entry at 1.3180 tp at 1.3080 100pips SL 20-30pips.
points for strategy.
bearish engulfing bar
macd cross over
I thought this pair was going lower but RSI says no on the H4 and Daily so I'm going to try and get the bounce with a buy limit order at 0.7350 and 24pips stop to limit the risk and cover the spread plus a few more as I have been stopped out on a potentially winning trade on .01 of a pip more than once :/...
USDCAD is looking good for a potential reversal, waiting for some divergence to show and see whether a double top forms or maybe it will deny the ABCD and go a little higher first. Either way when divergence shows we will have a good chance of finding an entry to go short.