Gold bears looking for a discount
Updated
Hi guys, an awesome week behind us and we hit our first 1785 bullish target with almost bulls-eye precision! This tastes like there is more juice after a great & convincing bullish close for gold on the weekly above the 23.6 fibo retracement (1771), and this should attract more bulls to the party. The H4 candles look strongly bullish since a long time and the daily closed outside the BB for the first time since 1960, creating a momentum candle.
A clumsy Monday ahead (as always) with some follow-through buying from 1770 to 1790 (daily 200 EMA), followed by a bearish start of the week to test the bullish breakout of the 1755-1760 level. This is an obvious buy zone for me and below it 1740-1745, the zone that harassed gold bulls for such a long time and now turned support.
I expect the bull to return from a small break on Wednesday NY opening or on Thursday (ECB day), with bulls targeting 1805 (orange trendline & weekly mid BB) and the next 38.2 fibo resistance level & weekly 50 SMA (1830) with a possible extension to 1850 (blue trendline).
I remain on the bull side by buying dips and will avoid selling before 1830, unless proven otherwise by strong bearish H4 reversal candles.
Enjoy the rest of your weekend 😎,
Cesaro
A clumsy Monday ahead (as always) with some follow-through buying from 1770 to 1790 (daily 200 EMA), followed by a bearish start of the week to test the bullish breakout of the 1755-1760 level. This is an obvious buy zone for me and below it 1740-1745, the zone that harassed gold bulls for such a long time and now turned support.
I expect the bull to return from a small break on Wednesday NY opening or on Thursday (ECB day), with bulls targeting 1805 (orange trendline & weekly mid BB) and the next 38.2 fibo resistance level & weekly 50 SMA (1830) with a possible extension to 1850 (blue trendline).
I remain on the bull side by buying dips and will avoid selling before 1830, unless proven otherwise by strong bearish H4 reversal candles.
Enjoy the rest of your weekend 😎,
Cesaro
Trade active
1790 hit, now I am expecting a retrace to 1760Trade active
1760 nearly hit, bought for 1808
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