GOLD Long Trade *4hr BULLISH TREND, FIBONACCI & TL BOUNCE*
Here is my simple analysis for gold after being long from $1270 and closing them at $1295 for a short position that failed. I was hoping that the daily bearish trendline would continue but instead it was broken to the upside.
I am now looking to go long on the next 4hr higher low to take advantage of the bullish trend. A retest of the $1290 resistance/support zone with the 4hr 0.618 fib retracement level being there looks like a good opportunity to go long.
Fundamentals:
With the US and china trade war flaring up again and trump doing what he does best, buying gold as a "safe haven" play is also a nice sensible idea.
I am now looking to go long on the next 4hr higher low to take advantage of the bullish trend. A retest of the $1290 resistance/support zone with the 4hr 0.618 fib retracement level being there looks like a good opportunity to go long.
Fundamentals:
With the US and china trade war flaring up again and trump doing what he does best, buying gold as a "safe haven" play is also a nice sensible idea.
