Gold 24, Feb 2017: Long for 1268 before shorting

Confluence of 3 separates targets and general resistance. Further, the rally from 1180 to 1268 is $88 which I think is significant. As long as price is above 1237 this target of 1268/70 is live and easily reachable. Ideally target should hit tomorrow (Friday) or following Monday.

Short targets thereafter I'm comfortable with 1234 or 1212. Bull needs more zing from below.

Edit: Red line should be 1235.50

Komentarz:

Watch out for cluster at 1258/59. I'll be looking to add longs on retracement.

Zlecenie zamknięto ręcznie:

The 1263 rejection that occurred yesterday, Monday, didnt hit tp but close enough. I was expecting either 1268/70 or a red daily candle to signal a potential cycle change. I'm looking at closing off longs around 1259 and looking for short positions there. I believe this week may mark the beginning of an interim bear cycle for a couple months so risk reward for short is better. If weekly candle closes red as well then that's confirmation that the cycle has indeed changed.