Long

Gold turns at a perfect 38.2%FibLevel onLow of 14Nov

Updated

Price is down around 2620 after Gold tested 2600 level again or close to it.

Perfect alignment with 38.2% Fib levels from the 14 Nov Low.

So maybe a fake bounce here and then that final 38.2% down to 2536. I would not be suprised.

I finally got a short down to this level. Small lot size but it does not matter, Gold / Silver are penny-pinchers and don't like Shorters'. But its okay for them to wipeout profits in our portfolios which lose value on the march down in price to these huge lows.

Then you place a couple of little orders down here at the lows, it's like you stole a Mercedez-Benz.

I would not be surprised to see price break lower to form the symmetrical triangle

Note

MACD and RSI are pointing very bullish on this 2HR timeframe. Silver has rally'd ahead but Gold is taking it easy. But I think price will pick up now.

Trade active

I know that about 24 hours ago 2630 - 2632 was a sticking point support/resistance area. Price eventually fell lower. Now turns out that 2632 is the 21EMA on the Hourly chart. I think this is a good place to buy. See also the MACD and RSI are showing some good levels for increased prices here.
Cheers

Note

Gold just went through 2632. Look for a pullback and retest of 2632 if you want to go Long.
Be aware from the opening chart that I think its quite possible they may take price lower to the 14Nov low which would form a triangle, symmetrical I think, it could even happen tonight, I will have to check what economic data there is getting released.

Note

That is a Silver chart moving in a rising wedge on a higher intraday timeframe.

Note

Economic data was not so great for the dollar. I am thinking this gold price is going higher from here today. Look at the divergence between gold and silver price. why is silver price sitting much higher than gold.? I know why. Gold is heading that way.

Trade closed: target reached

NEW DAY IN GOLD.

Note

BUY SIGNALS IN GOLD AND SILVER RIGHT NOW.
FOR GOLD WATCH THE STOP LOSS LEVEL AROUND 2645.50 BUT I THINK A TIGHERER STOP NOW IS OK

Easy_Explosive_Trading

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