20,166 PIP's For Gold - 2678 Before A Fall To 2510
Updated
Gold has been choppy so far this week, but things are clear with the identification of a new channel in which Gold is retracing a prior fall from 2720 to 2603.
We can see how Gold is nicely respecting the channels upper and lower boundaries, whilst consistently finding resistance down the equilibrium as you would expect to see.
We can also see how Gold is respecting the previous moves Fibonacci retracement levels, with the important 0.618 (2675) and 0.764 (2693) left to be hit, and both of which fall within touching difference of the longer term, higher timeframe descending channel that gold has been trading in since its all time high price formed.
You can look to buy each time the lower boundary of the ascending channel is hit, with your take profits set on the equilibrium and the Fibonacci levels, ultimately ending with the 0.618 before we can take a short entry down to 2510 for the month of December.
We can see how Gold is nicely respecting the channels upper and lower boundaries, whilst consistently finding resistance down the equilibrium as you would expect to see.
We can also see how Gold is respecting the previous moves Fibonacci retracement levels, with the important 0.618 (2675) and 0.764 (2693) left to be hit, and both of which fall within touching difference of the longer term, higher timeframe descending channel that gold has been trading in since its all time high price formed.
You can look to buy each time the lower boundary of the ascending channel is hit, with your take profits set on the equilibrium and the Fibonacci levels, ultimately ending with the 0.618 before we can take a short entry down to 2510 for the month of December.
Trade active
Open a long at 2644.34
Stop Loss at 2622.38
Take Profit at 2678
Will take a short from there at 2678
Stop Loss at 2702.35
Take Profit at 2510
20,166 PIP's
Note
Gold is playing out perfectly, respecting the lower trend and attempting to push through that equilkibrium before hitting our target.Note
Gold is respecting the channel and on its way to our target.
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