After making new structural low on 4h price has retraced to the 382 fib level, coinciding with a previously respected resistance level. Recent Corona virus news in Europe also to support this move.
H + s forming on 5m.
Price has respected the downward resistance level since early December and has also the horizontal support which has had 1 break out but broke back in within 1 candle. I predict price will break support and fall where the 2 resistance lines cross.
Gold has built up bullish momentum on 1h ahead of the weekend and wick has pierced resistance level.
Failed to break back in with strength on 15m.
Tight
3:1 RRR
Confluence:
Confirmed - Falling channel on 4h
Confirmed - H+S with LL on RH shoulder.
Not confirmed - If price retraces to entry position and drops it will cross 50sma confirming move.
Tight SL gives 3:1 RRR
#confluence
Price has respected rising channel that was confirmed in October on 4h.
Price has been climbing steadily on 15m. I expect a minor pullback of 10-20 pips with around 60 pips return. I expect price to rise higher but this TP will lock in profits before a bigger retracement and another entry on the same move.
