Gold Long idea
Overall higher time-frame analysis suggests strong bullish movement, however, price action is due for a retest to form structure
Current price action is forming what looks like a daily flag and is approaching our daily fib level of 38.2% around 1450.00
We’re expecting at least the 38.2% if not, the 61.8% fib level to be hit before a strong continuation to the upside occurs
The most confluence would be around the 61.8% fib level at 1380.00 with the weekly support zone just below at 1355.00
This will be interesting to watch alongside DXY going into this week
Overall higher time-frame analysis suggests strong bullish movement, however, price action is due for a retest to form structure
Current price action is forming what looks like a daily flag and is approaching our daily fib level of 38.2% around 1450.00
We’re expecting at least the 38.2% if not, the 61.8% fib level to be hit before a strong continuation to the upside occurs
The most confluence would be around the 61.8% fib level at 1380.00 with the weekly support zone just below at 1355.00
This will be interesting to watch alongside DXY going into this week