Gold/USD buying points

Looking at the 50% and 61.8% retrecement regions for buying points 1 and 2 respectively. Currently (22/1/14), the buying point 1 is trying to hold. However, if Buying point 1 is not held and the sell-off continues, will be looking for a weekly/monthly bullish candleline at the 61.8% retracement level (similar to that seen at buying point 1) and determine if Buying point 2 is to hold.

評論:

Buying point 1 held well - buying point 2 was not tested showing bulls where in control

-Expecting the resistance at 1352 (line at 0.382) to be broken.
Then if:
-the resistance-break holds - price can test 1570 (line at 0.236).
-the price drops back within the 1250-1175 (close to line 0.5), can expect the "possible buying point 2" at price 1000 to be tested again.

評論:

last year the price broke the 1570 resistance (line at 0.236) which is now a support level and it is currently trading close to the all time high of August 2020.