GOLD Bull

pezz55

Private, 1st Class
Messages
30
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 outView attachment 50806
Definite set up of triple top to finish off the week looking at a good sell to start off next week!
 

bigbax699

Recruit
Messages
6
Gold , has been very interesting lately. We have seen another huge push up in price to over the 1600's. this seemingly opens the doors for new highs.
But before we establish its place in the upper prices we must find new support first. Where will that be?
Its possible we could see another bull flag form like previously before the last significant push up, my guess would be this. But with gold you never know. Ive marked out some key areas where we could possibly get a nice buy position in, the suppport on the .382 fib then there is two nice areas of confluence on the 0.50 and 0.618 fibs that meet the long term trend. These would be ideal and most likely strong in the zone. Double top looks ripe for the drop currently with rejection happening. Stay light stay focused and remember patience pays
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bigbax699

Recruit
Messages
6
GOLD . Its Sunday and today reflecting on the insane movement we saw from gold the last couple of trading days last week. I think that move could of been the current top for now. As you can see from the fib levels the last consolidation move was at the prefect 50% rest stop before the next push.
It looks like a reversal sign on the 4H TF but obviously we never know. Surely we should see some sort of sell off from the extreme movements we saw.
An ideal scenario would be for it to revisit the .618 or back to the 50% to collect alot of buyers stops that jumped in with FOMO, it has multiple confluences with the test of the break and the touch of the longer trend. i will certainly be buying round those areas if it comes back that far. this recent push up certainly opens up the door for more upside movement, and possibly towards all time highs. Lets see where its heading next week. But be ready
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Smith2525

Recruit
Messages
2
I don't think it will be long until we see $1,700... Question is how big will the pull-back be on the way up... Will be keeping a close eye on price around those fib levels
 
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