Bullish Goldilocks
My outlook for next week is bullish.
1) We closed above daily 200 EMA & Weekly 100 MA (see chart).
2) Price stopped exactly at 23.8% Fibo level last Friday.
3) Daily RSI bullish breakout is retesting the breakout (see chart).
4) There is a whole array of moving averages on the weekly chart in the area between 1277 &1244 which will be hard to break.
5) Two important trendlines in this area.
6) My targets are 1292 (Daily 50 MA) & 1298 (upper daily BB & upper wedge trendline).
7) If the price goes lower than 1277 I'll consider that as a great price to enter long positions.
8) This view is invalid if 1266 is crossed and closed with an H4 candle, as that will resume the bearish trend for gold.
Good luck!
1) We closed above daily 200 EMA & Weekly 100 MA (see chart).
2) Price stopped exactly at 23.8% Fibo level last Friday.
3) Daily RSI bullish breakout is retesting the breakout (see chart).
4) There is a whole array of moving averages on the weekly chart in the area between 1277 &1244 which will be hard to break.
5) Two important trendlines in this area.
6) My targets are 1292 (Daily 50 MA) & 1298 (upper daily BB & upper wedge trendline).
7) If the price goes lower than 1277 I'll consider that as a great price to enter long positions.
8) This view is invalid if 1266 is crossed and closed with an H4 candle, as that will resume the bearish trend for gold.
Good luck!
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