Gold & Silver Bounce Coming. Why Gold May head up from here!

FX_IDC:XAUUSD   黃金 / 美元
159 0
Hey Traders, I am seeing some signs that Gold and Silver may be about to turn around here. We are seeing Strength in the Miners. Also Gold & Silver are at major levels of support right now. Gold seems to want to head back up to around 1260.00 and Silver around 17.20.

We need to see Gold & Silver break these levels highlighted in yellow. If they cannot manage to go sideways or break through these levels, then we need to be looking for short positions.

Reasons For Entry:
1) Price is at Major level of Support
2) Price has been closing outside of the Bollinger Bands , Now we are waiting for a Bullish Close back inside the bands for entry.
3) Gold is sitting right on its 100 period SMA and this may trigger some buying.
4) The Miners tend to be a leading indication of where Gold & Silver prices may go. The Miners are showing some strength here.

I will have a follow up idea to this one as soon as we get more data and see where price closes today. I'm not sure if price will rocket higher but I am expecting a small bounce here. We can only hope that Gold & Silver do not get rejected off of the zones highlighted in yellow as this could mean a further sell off. Thanks Traders and feel free to share your analysis or any questions you may have regarding this setup! good luck traders!!
交易結束:目標達成: Hey Traders, Target has been reached! Price came within $1 of stopping me out on this trade before shooting up to hit my Target at $1,260! Another successful trade here on Tradingview! This trade is a good example of why you need to follow your rules and stick to your trade plan! I was in the red for a couple of days on this trade but I followed my rules and stuck to my plan ultimately leaving me with a profitable trade! Thanks Traders, I hope this was helpful!
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