GOLD - Buying dips on a retest of the channel
Gold is Bullish - We look to Buy at 1703
▪️ Broken out of the channel formation to the upside.
▪️ Negative overnight flows lead to an expectation of a weaker open this morning.
▪️ Bespoke support is located at 1703.
▪️ We have a 78.6% Fibonacci pullback level of 1704.87 from 1693.85 to 174.35.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 1703, resulting in improved risk/reward.
Stop: 1695
Target1: 1738
Target2: 1745
▪️ Broken out of the channel formation to the upside.
▪️ Negative overnight flows lead to an expectation of a weaker open this morning.
▪️ Bespoke support is located at 1703.
▪️ We have a 78.6% Fibonacci pullback level of 1704.87 from 1693.85 to 174.35.
▪️ Further upside is expected although we prefer to set longs at our bespoke support levels at 1703, resulting in improved risk/reward.
Stop: 1695
Target1: 1738
Target2: 1745
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