GOLD Bull

bigbax699

Recruit
Messages
7
Last time i looked at gold it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont know for certain but could we go up to form a triple top? who knows but look out for the top around the 1587 area.
We could then either get a retrace to the 0.38 fib again or even deeper to the 50% rest stop or to meet the .618 and trend for multiple confluences before a gigantic push up. Remember buy low sell high. Look for the spots dont trade in the middle and get caught out
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JungleTrader

Private
Messages
13
Possible triple top coming up but as you suggest it may range before pushing up or dropping down to the .618 fib level .Wait for the break either direction
 

Jim B

Private
Messages
17
Nice analysis, haven’t been trading gold recently but it’s something I’ll looking into.
 

ScottHughes

Private
Messages
16
Golds not really my thing, it can be so unpredictable. Although with good analysis like this maybe I'll keep my eyes fresh
 

sebking1986

Private, 1st Class
Messages
49
I can see it going up. Until they get a grip of coronavirus gold will be very strong. So important not to jump on the band wagon and buy or sell in the middle as you say. Patience is a virtue.
 
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