I see two outstanding targets from a previous Triangle and a Bullish Pennant on the 1hour chart.
Right now Gold keeps hitting a soft resistance block.
First Entry at 3,009.388 near 0.5 Fib
Second Entry at 2,998.41 between 0.618 and 0.786 Fib
Risk to Reward: 3.15
Gold remains bullish.
In support:
Name Simple Exponential
MA5 3020.87 Buy 3020.99 Buy
MA10 3015.91 Buy 3016.22 Buy
MA20 3007.51 Buy 3009.40 Buy
MA50 2996.65 Buy 2995.01 Buy
MA100 2972.48 Buy 2977.08 Buy
MA200 2941.12 Buy 2953.95 Buy
Market Trading is risky. The above is just my idea and you should do your own analysis before comparing it with mine. Never risk more than you can afford to loose.
Good Luck!
Right now Gold keeps hitting a soft resistance block.
First Entry at 3,009.388 near 0.5 Fib
Second Entry at 2,998.41 between 0.618 and 0.786 Fib
Risk to Reward: 3.15
Gold remains bullish.
In support:
Name Simple Exponential
MA5 3020.87 Buy 3020.99 Buy
MA10 3015.91 Buy 3016.22 Buy
MA20 3007.51 Buy 3009.40 Buy
MA50 2996.65 Buy 2995.01 Buy
MA100 2972.48 Buy 2977.08 Buy
MA200 2941.12 Buy 2953.95 Buy
Market Trading is risky. The above is just my idea and you should do your own analysis before comparing it with mine. Never risk more than you can afford to loose.
Good Luck!
Note
Update: Gold is rising quickly. I am still hoping for a retracement. I have updated my entry positions to:
First Entry: 3023.365 which is in the middle of a new support level on the 1hour chart. Using Fib on the Bullish Pennant target, this entry is at the 0.5 level.
Second Entry: 3012.392 which is within a support area as well. Using Fib on the Triangle target, this entry is just below 0.618 level.
Fib levels:
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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.