Gold Long
Since Aug. '18 we pivoted from 1160. Then Aug. '19 we made a solid support at 1400 and sprung to 1611 a couple weeks ago to start 2020. We can see an impulsive stretch from Aug. @ 1400 to 1550 in Sept., we then corrected that Nov. at 1445.5 which made support. We went sideways until Dec. 9 & confirmed 1460 as a support level which sprung us to highs at 1611 early Jan. From that spring at 1460 to the highs our fib tells us that we reacted off of the 38% and made a common 3 candle reversal pattern on the 50% (1548). This almost acts an an inverse head and shoulders with 1560 being the neckline and 1548 (50% tap) being the right shoulder.
1558 zone looks rejected and turned from resistance to support which could be our buys with no looking back. Either way 1559->1563 (35ish pip zone) will show us a spring to bull targets OR double top at 1562ish zone to gather more from 1556. Either way...GOLD MOOOOOON in due time. *Important to be patient for good R:R setups on bottom of zone or buy stop the tops rather than jumping in buys mid zone and getting wicked around and mentally destroyed.
My long targets are: 1566, 1583.5, 1600, 1611, 1750, 1922.50
1558 zone looks rejected and turned from resistance to support which could be our buys with no looking back. Either way 1559->1563 (35ish pip zone) will show us a spring to bull targets OR double top at 1562ish zone to gather more from 1556. Either way...GOLD MOOOOOON in due time. *Important to be patient for good R:R setups on bottom of zone or buy stop the tops rather than jumping in buys mid zone and getting wicked around and mentally destroyed.
My long targets are: 1566, 1583.5, 1600, 1611, 1750, 1922.50
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