Gold price is currently in an uptrend towards the 1960 zone. This is an important key level of the previous big downtrend.
Price tried to reach this zone once but failed, and is trending back again.
In the rising wave H4 we have price breaking 1830 peak and trending back. So where will the price return?
Target 1: Price retraces to the old peak 1830. This zone does not coincide with the Fibonacci 0.5 - 0.618 => Not good. Need to wait for a reversal signal in a smaller time frame to enter an order
Target 2: Old bottom: 1766. Can buy in this area
Take Profit: 1950 ; Stop Loss: 1730 (up to you)
Risk 2% account.
Price tried to reach this zone once but failed, and is trending back again.
In the rising wave H4 we have price breaking 1830 peak and trending back. So where will the price return?
Target 1: Price retraces to the old peak 1830. This zone does not coincide with the Fibonacci 0.5 - 0.618 => Not good. Need to wait for a reversal signal in a smaller time frame to enter an order
Target 2: Old bottom: 1766. Can buy in this area
Take Profit: 1950 ; Stop Loss: 1730 (up to you)
Risk 2% account.