Hello gold diggers!
Gold has pushed slightly above the current trading channel and is now in the middle of two fib levels 0.382 and 0.5.
Whilst I look forward to a bullish breakout, I think we still have a little bit of time before this happens and a few more levels to break before a bullish trend is set. I would personally like to see a big push past 1800 to break to confirm a change in trend.
Also sitting at our fib level 0.382, we have a major level of resistance at 1765 which our phycology is drawn to. So after a break up I think it would be safer in the short term to enter a short. Whilst I only expect a retest, if we are able to break the key support at 1765 we can expect to see further bearish movement.
If you found this useful please shoot me a like and feel free to leave some feedback.
Trade safe!
Gold has pushed slightly above the current trading channel and is now in the middle of two fib levels 0.382 and 0.5.
Whilst I look forward to a bullish breakout, I think we still have a little bit of time before this happens and a few more levels to break before a bullish trend is set. I would personally like to see a big push past 1800 to break to confirm a change in trend.
Also sitting at our fib level 0.382, we have a major level of resistance at 1765 which our phycology is drawn to. So after a break up I think it would be safer in the short term to enter a short. Whilst I only expect a retest, if we are able to break the key support at 1765 we can expect to see further bearish movement.
If you found this useful please shoot me a like and feel free to leave some feedback.
Trade safe!