Gold has broken out of the long-term triangle with a bullish impulse move.
Confluence at 1300 zone of:
1. resistance turned support
2. 38% retracement fib of last impulse move
3. round number & psychological support (of 1300)
... makes it a high probability area for a long-term long position if supported with bullish price action.
Confluence at 1300 zone of:
1. resistance turned support
2. 38% retracement fib of last impulse move
3. round number & psychological support (of 1300)
... makes it a high probability area for a long-term long position if supported with bullish price action.
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Price posted a bullish candle that closed strongly above 1300 on 25/09 however retreated strongly the following day.
The next significant technical support is 1240 - the intersection of the long term falling trend line and the near term 78.6 fib retracement
The next significant technical support is 1240 - the intersection of the long term falling trend line and the near term 78.6 fib retracement