Simple chart. Gold trades within a descending parallel channel. Its testing the upper trend which also falls inline with the most recent high/low Fibonacci retracement 0.618 / 0.74 levels, key reversal levels.
Target is the channels median line, which lines up with the -0.272 Fibonacci extension at around 16th-25th Jan at 2560 (116 PIP gain)
Stop loss placed above the channels upper trend, entry at 2676 would even allow for a 2705 stop (29 PIP loss) above a strong resistance, aswell as a strong psychological level.
1:4 Risk to Reward.
Target is the channels median line, which lines up with the -0.272 Fibonacci extension at around 16th-25th Jan at 2560 (116 PIP gain)
Stop loss placed above the channels upper trend, entry at 2676 would even allow for a 2705 stop (29 PIP loss) above a strong resistance, aswell as a strong psychological level.
1:4 Risk to Reward.
Trade active
Note
Fake out appears to be confirmed, now down to the equilibrium.
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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.