GOLD LONG TRADE IDEA SETUP
Updated
Price have shifted from bearish to bullish on the daily time frame.
Price have continually broken structure to the upside creating higher highs and higher lows.
Currently price is at 79% fib level which is a deep discount and also have an OB that acts as an RTO to support that level.
Price also traded below Friday's low and closed above it.
Look for long positions on lower timeframe.
Price have continually broken structure to the upside creating higher highs and higher lows.
Currently price is at 79% fib level which is a deep discount and also have an OB that acts as an RTO to support that level.
Price also traded below Friday's low and closed above it.
Look for long positions on lower timeframe.
Trade closed manually
Price broke a resistance structure btw 1787.87-1783.69 on the 13th of October but failed to use it as support which makes it a fake out. Secondly price have retested that same structure as resistance and at same time getting to the 61.8% fib retracement of the bearish move btw 1800.68-1760.41.
Currently price is in a corrective bearish flag formation and expecting a sell at the 1hr structural area btw 1777.22-1780.24 which is also a premium fib level of 61.8 and 71%.
Targets
1. 1745.02
2. 1734.10
3. 1720.21
Targets are based using the fib extension tool
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