From the previous setup, we can see that the movement of gold made a breakout at the 2728 level before dropping to the take profit level at the 2.618 Fibonacci extension (2651) and then made a correction to the 50-61.8 Fibonacci retracement level (2709). So this week, I am waiting to see if the current price will head towards the 1.618 Fibonacci extension before deciding to continue the buy position. If the price successfully breaks the support level at 2642, it is likely that the price will head towards 2360-2500/90. However, if there is a bounce at the support area, the price might continue to rise towards 2690-2700.
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading my skills also for my trade journal**
Thanks a lot for your support
**My trading strategy is not intended to be a signal. It's a process of learning about market structure and sharpening my trading my skills also for my trade journal**
Thanks a lot for your support
Trade active
UPDATE
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.