YEEHAW, WE STRUCK... GOLD! (XAU)
Updated
Hello friends, traders, everyone. In our last analysis we attempted to get a better handle on this, and Fibonacci helped us figure this one out.
Fortunately for the bulls, GOLD has apparently been waiting for an opportunity, because that breakout was violent!
Overall, I am happy with the way the last trade played out, bulls should take some profits here as we approach resistance above. I'm not sure exactly what is going to happen next, but it would seem that we will go for the 127% extension.
Gold seems to be quite reactive to fibonacci, I will keep trying to minimize chart clutter but so often the combination of fib tools provide the most interesting insight.
For the first time, I am going to put a target on Gold of $1375. The reason for this is the measurement of the last impulse wave, had a textbook 62% retrace, now probably it will seek the 127%. Probably it can go higher, but I don't want to play with that.
I won't text wall you guys, I ran like 9 miles today and I am too sleepy to write an essay....
But as always....
GOOD LUCK TRADERS
Previous analysis:
Fortunately for the bulls, GOLD has apparently been waiting for an opportunity, because that breakout was violent!
Overall, I am happy with the way the last trade played out, bulls should take some profits here as we approach resistance above. I'm not sure exactly what is going to happen next, but it would seem that we will go for the 127% extension.
Gold seems to be quite reactive to fibonacci, I will keep trying to minimize chart clutter but so often the combination of fib tools provide the most interesting insight.
For the first time, I am going to put a target on Gold of $1375. The reason for this is the measurement of the last impulse wave, had a textbook 62% retrace, now probably it will seek the 127%. Probably it can go higher, but I don't want to play with that.
I won't text wall you guys, I ran like 9 miles today and I am too sleepy to write an essay....
But as always....
GOOD LUCK TRADERS
Previous analysis:
Note
Trade closed: target reached
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