BOTTOM OF THE RANGE on GOLD.... READY TO TAKE THE RIDE TO 1560??
A little late posting on this however lots of buying opportunities!
Main thing to consider riskoff flows were taking profit and pretty much done across all risk assets.
Current Range is from 1495- 1560
We are in a great value are and on the hourly showing higher lows as shown below
Watch for entries down here placing stops below the lows aiming for the top of the range.
This is a very good value buying area... don't be a greedy bear looking to get trapped!!!
Will update this as we get more higher TF confirmation with the trendline breaks but personally
I current am in around 14.88 and 1493. Have a Limit at 1491 just in case of a retrace we could possibly get.
A nice break here will put us at 1510 where we should find some resistance.
Pros
-oversold stoch
-price being bought from under the 200 ema
-macd primed for a cross up
Cons
-still in downtrend
-against moving averages
Happy Huntin' Happy Trappin'
BooBii
Main thing to consider riskoff flows were taking profit and pretty much done across all risk assets.
Current Range is from 1495- 1560
We are in a great value are and on the hourly showing higher lows as shown below
Watch for entries down here placing stops below the lows aiming for the top of the range.
This is a very good value buying area... don't be a greedy bear looking to get trapped!!!
Will update this as we get more higher TF confirmation with the trendline breaks but personally
I current am in around 14.88 and 1493. Have a Limit at 1491 just in case of a retrace we could possibly get.
A nice break here will put us at 1510 where we should find some resistance.
Pros
-oversold stoch
-price being bought from under the 200 ema
-macd primed for a cross up
Cons
-still in downtrend
-against moving averages
Happy Huntin' Happy Trappin'
BooBii
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