GOLD - V-Bottom Hints Upside Reversal
Updated
Gold has seemed to form a V-Bottom pattern on the daily chart at roughly 1780 area.
Note that gold has almost touched the 61.8% Fibonacci retracement of the swing from 1680 to 1880 and rebounded.
Furthermore, it seems to hold the uptrend line from 1680 low at August while RSI indicator also shows the bulls are trying to hold the uptrend remained intact.
As long as gold can hold above its swing low at 1759, uptrend still remains valid.
All of this could indicate an upside reversal in the coming days and week. Once gold breaks 1800 level, it will fly very quickly to 1825-1835 resistance level. Its final target should be at 1855-1865 level where the downtrend line remains.
It is good to buy around 1775-1785 with a strict stop loss under 1759.
Targets should be 1830 then 1860.
Note that gold has almost touched the 61.8% Fibonacci retracement of the swing from 1680 to 1880 and rebounded.
Furthermore, it seems to hold the uptrend line from 1680 low at August while RSI indicator also shows the bulls are trying to hold the uptrend remained intact.
As long as gold can hold above its swing low at 1759, uptrend still remains valid.
All of this could indicate an upside reversal in the coming days and week. Once gold breaks 1800 level, it will fly very quickly to 1825-1835 resistance level. Its final target should be at 1855-1865 level where the downtrend line remains.
It is good to buy around 1775-1785 with a strict stop loss under 1759.
Targets should be 1830 then 1860.
Trade active
We already got it half posy at 1780 earlier today.Trade active
We got in another half posy at 1770 earlier today. Now we got full posy at an average of 1775. Stop loss under 1759.
Note
Took half posy @1830. Set SL for the other half at 1775.
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