Gold/USD buying points
Updated
Looking at the 50% and 61.8% retrecement regions for buying points 1 and 2 respectively. Currently (22/1/14), the buying point 1 is trying to hold. However, if Buying point 1 is not held and the sell-off continues, will be looking for a weekly/monthly bullish candleline at the 61.8% retracement level (similar to that seen at buying point 1) and determine if Buying point 2 is to hold.
Note
Buying point 1 held well - buying point 2 was not tested showing bulls where in control-Expecting the resistance at 1352 (line at 0.382) to be broken.
Then if:
-the resistance-break holds - price can test 1570 (line at 0.236).
-the price drops back within the 1250-1175 (close to line 0.5), can expect the "possible buying point 2" at price 1000 to be tested again.
Note
last year the price broke the 1570 resistance (line at 0.236) which is now a support level and it is currently trading close to the all time high of August 2020.
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