MIKEY0525

MIKEY0525

Testing a new strategy looking for crossover trend channel patterns emerging. X5 and X6 being my predicted next meeting points in trend patterns. Basically looking for the start of a new channel before it is created. Lets see. I'm also using the key Fibonacci levels.

MIKEY0525 Updated 

My idea for gold would see it push for 1351 sitting around the 1.681 Fib Extension. With all of the tension around trade wars and conflict brewing in Syria, it seems that gold is beginning to look like a safe bet. Its been sitting around the 61.8 retracement from the last push and has been rejected. This is just one possible scenario for price action and hopefully...

MIKEY0525

After the pressure applied by china on the U.S, the dollar has fallen slightly causing the price of gold to gain momentum. Fib extension shows the golden ratio of 61.8 to be sitting around the 1350 mark, a strong resistance point. Last two fib retracements have seen the price reach the 61.8 golden ratio on both long and short movements.