Hi,
Here is my analysis on gold, I want to see gold push through the 4 hour resistance, and push towards $1800.
Gold rejected the weekly level at $1729.2 perfectly, this is a strong rejection. Price wicked through to liquidate the previous buyers, therefore we should have enough momentum to push higher.
The overall target I want to see is $1820, which is the weekly 78.6% fib level.
I have been in this trade since Friday, it's a risk, but the risk to reward is worth it. My stop loss is currently at break even, therefore no capital can be lost.
Here is my analysis on gold, I want to see gold push through the 4 hour resistance, and push towards $1800.
Gold rejected the weekly level at $1729.2 perfectly, this is a strong rejection. Price wicked through to liquidate the previous buyers, therefore we should have enough momentum to push higher.
The overall target I want to see is $1820, which is the weekly 78.6% fib level.
I have been in this trade since Friday, it's a risk, but the risk to reward is worth it. My stop loss is currently at break even, therefore no capital can be lost.