Once again, sorry for the lack of posts on my blog recently - I have had a lot going on and haven't had much time to keep this updated daily as much as I would of liked to.
Gold has quite possibly formed a bottom on the recent down move (correction) from this years up move and it stalled around the 50% fib retracement levels.
Currently, market price is hovering around the 38.2& fib retracement and we are now in a recovery from the correction. CMP @ $1310 at time of writing this.
From my personal analysis, I believe we are resuming the uptrend that began at the beginning of this year purely on a technical basis. 1300 was taken out again without much problems when it was time and now as mentioned before, we are currently playing around the 38.2% fib retracement.
I am currently long and don't intend to short Gold even for scalps because I do not see the RR in shorting gold at the moment. I'm looking to take out some profits between 1316-1322 where there was previous support and resistance in the down move. I see a small pull back occurring around there before heading back into the 1330s.
Intraday we are clearly in an uptrend now and have been respecting previous S/R levels from the down move.
As you can see in my intraday hourly chart below, I am looking for 1306-1307 to be respected as support if it were to get down to those prices in the near future but looking for 1316+1322 to be seen within this week.
We are in an upward channel and I am looking for buying opportunities on any decent pullbacks or retracements from the support and resistance levels.
Hello eatpips how are you, long time, its me Nice on ff, first time visiting your blog, i see no momentum, failed to make new high, i guess better to check rsi/macd for divergence for this double top, maybe trend is over, or will touch the major resistance then reverse.
ReplyDeleteBest regards man;)