Golds continuation to all new highs
After the analysis from the bottom of golds weekly channel let's take a look where we are. Technical and fundermentals all pointing to wards bullish and ANHs. With fundermental data correlating to a rate cut. Currently we are sitting under the weekly resistance. Only big news for gold next week is Monday. Powell speech. So what are we looking for. After not being able to remain in or break weekly resistance for the last two days. We are likely to get a pull back. Aois are 2387. Here we have the 0.618 fib level and also 50% of the fair value gap on 4 hr, along with the bottom line of golds current uptrend channel. The next area of interest is 2382 4hr and 1 hr engulfing candle. I am looking for pull back to these levels for a continuation to the upside. Breaking thur the channel and these levels I look to daily support level matching the 0.5 fib level know as the golden zone.
Things to bear in mind we know gold is bullish and looking all new highs. But let's be calculated. We need a clean break of the resistance zone. And then a pull back to support at around 2425 before soild comfirmion to fully go and keep all new highs. 2500 has been my target set for a while. But remember everyone will be trying to catch the top of gold. It will just keep going. Only use pivots or created structure as sell points as after 2450 golds in uncharted territory no man's land.
Monday market open (low volume only) 2408 look here for quick scalps nice support and resistance here. Aiming for 20 to 30 pips
Things to bear in mind we know gold is bullish and looking all new highs. But let's be calculated. We need a clean break of the resistance zone. And then a pull back to support at around 2425 before soild comfirmion to fully go and keep all new highs. 2500 has been my target set for a while. But remember everyone will be trying to catch the top of gold. It will just keep going. Only use pivots or created structure as sell points as after 2450 golds in uncharted territory no man's land.
Monday market open (low volume only) 2408 look here for quick scalps nice support and resistance here. Aiming for 20 to 30 pips
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.