Respecting the 200EMA on the Daily Timframe at this time. With the next structure at bay,
looking to see a rejection with a possible push to the Support. Maybe a bounce
off the .382/.5 Fib
Looking to see if it may break and re-test to the upside on the Bullish Channel or reject and make a run to the downside of the Channel (With taking partials on this overall Bullish move)
Looking for a rejection off resistance level which has shown strength in holding prices below..... Let's see what kind of price action we see over the next few days....
Not sure what Gold is going to do but moving up to the Weekly TF give a better picture of the possibilities for those Long Term Swing Traders...
My Bias is that we see rejection the next few days to weeks. Hoping so see a fall to capitalize on. WE SHALL WATCH AND SEE!!!
With price closing below the 200 EMA, and a break, retest of previous resistance....
looking to short the position if it breaks and closes below the bullish trendline.
With a higher push to 1494 and rejecting, looking for it to push higher off the bounce of the bullish trendline and contiue with the current RANGING MKT!!!!!
If so, Break and re-test of 1494 will signal a possible push to the highs of 1512 or higher......
Possible opportunities for longs and shorts....
Looking for a respect of TL with a push to the downside....
Would like to see a break and re-test of 1.8618 to confirm BEARISH movement and look for Targets at 1.8394
If it respects the Bullish 4HR TL, then possible BULLISH Positions back up to 1.8618
Gold has hit a MAJOR level with a possible REVERSAL to the upside due to its current position in a DAILY Consolidation. With its DAILY Engulfing Candle I am looking for a break and retest for 1476.00 to the Downside for a BEARISH Position targeted at 1448.80 on the DAILY Swing.
Plan B: With Gold being over extended and a possible move to upside, won't start...
