1HR Fibs Gold pull-back to 61.8% Bounce-Up. Retail data soon
Updated
https://www.tradingview.com/x/d9iFCiQr/
I see that Gold pulled back to a Fibonacci sequence number 61.8% on the 1HR chart I was watching, there is probably similar on other time frames.
I think the market is waiting for Retail Sales data, high number bullish for the dollar.
But lets not forget the USD$ has had a good run the past 2 weeks, Gold has fallen in some ways due to the inverse history between the 2, but sometimes when the correction has been made where Gold has corrected, Gold may make a brake upwards despite USD strength and we also saw that yesterday beginning to happen.
A lot of squeeze in the Gold price around 2570. I still favour a move upwards today. But wait for the data now and trade with the trend.
Right after publishing this, Gold broke out. A bullish 5m cup pattern.
2569 to 2571 appears to be the buy zone , Golden-zone Fibonacci 31.2 to 50% level.
I see that Gold pulled back to a Fibonacci sequence number 61.8% on the 1HR chart I was watching, there is probably similar on other time frames.
I think the market is waiting for Retail Sales data, high number bullish for the dollar.
But lets not forget the USD$ has had a good run the past 2 weeks, Gold has fallen in some ways due to the inverse history between the 2, but sometimes when the correction has been made where Gold has corrected, Gold may make a brake upwards despite USD strength and we also saw that yesterday beginning to happen.
A lot of squeeze in the Gold price around 2570. I still favour a move upwards today. But wait for the data now and trade with the trend.
Right after publishing this, Gold broke out. A bullish 5m cup pattern.
2569 to 2571 appears to be the buy zone , Golden-zone Fibonacci 31.2 to 50% level.
Trade active
Buy Gold up to 2580
SL: 2565
TP: higher levels will advise
Note
Note
Note
This is going to break-upwards. Stochastic's momentum so strong on all timeframes.
Note
The Gold Price is in a Double-top system for all of Friday. Price is not being overcome by sellers imo. Must wait for this to TOP2 to play out. Momentum is for upside movement. So price may overcome the top of this pattern soon.
Note
Gold is appoaching an MTOP sell-off. 2560 is the sell off. There will then be a false break up and further selling.
Trade closed: target reached
I started a new thread.
bears below 2560
bulls above2565
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