My prediction is that Gold will retrace to the 1332.** level before continuing the down trend.
So with that being said i have a pending sell at the 1hr 50% FIB level in confluence with 4hr 61.8% level.
I will ride this one for the rest of the week.
Use Proper Risk Management Please!!!!
Green line is my pending sell.
Blue is my Take profit and pending buy.
Then 38.2 will be my take profit for the buy.
Then pending sell at the 38.2
Down goes gold to complete head and shoulders.
Take profit 78.6
The blue line will be my pending sell, mainly because that is the 38.2 level of fibonacci. It may wick the 50% level shown on the chart currently, but gold is going to come down this week. I may ride it all week on a small lot! DONE RISK MORE THAN 10%!!!
My first take profit will be 1332.29
next will be 1328.00