Gold can go very fast in a short time so be ready to catch it on lower timeframes.
The daily chart shows a bullish trend but now its correction trend is valid.
The breakout of the top blue zone is required for long signals. The first take profit level is the last breakdown.
The continuation of the correction trend will be valid if the blue line is broken down....
Keep in mind that we are in a bullish trend so we have to calculate with continuation of the upmovements. However, we are also in a profit zone of the higher timeframes so we have to be careful and need to plan the short opportunities as well.
The blue zones mark the support and the resistance. If one of the zone is broken then the green zone can be reached...
Price is now at the correction trend, so watching this instrument is a key point. The continuation of the bull trend offers very good trade opportunities, so keep watching it not to miss.
Using lower timeframes is beneficial for finding sooner signals.
But be careful not to rush until the momentum is built.
If the top resistance marked with blue is broken out with a trigger candle, then buy and hold until it reaches the green line. This profit zone is a weekly peak.
If the bottom support marked with blue is broken down with trigger candle, then sell and hold until it reaches the green zone.
Don't measure these lines point by point. The reliable...
Currently the price makes a consolidation against the primary uptrend.
Considering that the overall trend is quite bullish, movement to the long direction is more likely sooner or later. The trend makes it possible to trade with nice RR ratio.
As always we cannot expect any movements from the market. Therefore, I marked the support with blue line where...
It is crucial that you have a plan for both long and short positions.
If a significant breakout candle shows up through the trendline, then the profit zones are signed. The profit zone of the long direction is calculated by the Fibo retracement while the profit zone of the short direction is an untested breakout point from October.