XAUUSD: Bullish Break-out!
(1a) Downtrending resistance lines from July 2014 have been broken
(1b) I am targeting 1263 for a take profit. This is the 50% retracement level from Mar 14 to Nov 14 and also the 61.8% retracement level from Jul 14 to Nov 14. Confluence of retracement levels always bring about better probabilities.
(2a) Also to note, the RSI 60 level has acted as resistance in prior months, this behaviour is often linked to bearish markets. This level has been taken out. An alternative take profit level could be when RSI hits bullish resistance at 73.8
(1b) I am targeting 1263 for a take profit. This is the 50% retracement level from Mar 14 to Nov 14 and also the 61.8% retracement level from Jul 14 to Nov 14. Confluence of retracement levels always bring about better probabilities.
(2a) Also to note, the RSI 60 level has acted as resistance in prior months, this behaviour is often linked to bearish markets. This level has been taken out. An alternative take profit level could be when RSI hits bullish resistance at 73.8
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