I was afraid to enter because you are always rightRight now looks good, I hope that I wrong on 1275 drop.
. Anyway, at the time of your post there was no DRPO yet.
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Gold GOLD PRO WEEKLY, March 04 - 08, 2019
- Thread starter Sive Morten
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. Anyway, at the time of your post there was no DRPO yet.
Sive Morten
Special Consultant to the FPA
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Greetings everybody,
As we can see on daily chart, Gold has not reached major 1275 weekly Fib support and now shows reaction on higher standing K-support of 1280 area. Still, as we have NFP on horizon, this first bounce could be short-term.
On 4H chart we have DRPO "Buy" LAL pattern, the target that it could reach stands around K-resistance area of 1300:
1H chart also shows natural resistance around the same 1300 area. While our XOP has not been hit, we do not exclude the chance that after upside bounce to 1300 gold will drop to 1275 and the pattern that we could get, is reverse H&S.
Anyway, guys, for taking long position on daily chart, we need to get clear bullish pattern on 1H and we do not have it yet.
As we can see on daily chart, Gold has not reached major 1275 weekly Fib support and now shows reaction on higher standing K-support of 1280 area. Still, as we have NFP on horizon, this first bounce could be short-term.
On 4H chart we have DRPO "Buy" LAL pattern, the target that it could reach stands around K-resistance area of 1300:
1H chart also shows natural resistance around the same 1300 area. While our XOP has not been hit, we do not exclude the chance that after upside bounce to 1300 gold will drop to 1275 and the pattern that we could get, is reverse H&S.
Anyway, guys, for taking long position on daily chart, we need to get clear bullish pattern on 1H and we do not have it yet.
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