Gold price touched 38.2% Fibonacci level at 1205.80 and bounced higher strongly from there, offering signals of attempting to return to the main bullish trend, as it tests the recently recorded high at 1303.62.
The positive support provided by the exponential moving averages 50 and 100 supports going for more rise in the coming period, besides stochastic current positivity.
Therefore, the bullish trend will be expected as long as 1243.19 level remains intact against any negative pressure, and the next target is located at 1350.00.
The price keeps the ground above the EMA50, which is a good supportive signal to the expected positive outlook .
Yorumlar
FXHighway
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The breach is done, waiting for more rise..
m4riovolp3
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RR Ratio 60$+ to 40$- /// IMHO this trade setup "touches" a little bit the improper way of "how do not trade" - but anyway :) In addition to this, get a look on Comex: there is a huge short position. Hmm, better we call it "extreme position"
FXHighway
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Thanks for your kind comment
Anyway, breaching 1303.62 will push Gold for 1500s , thats the extended target that we are looking forward ..
m4riovolp3
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on long term? YES
FXHighway
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Yes,, that's the target .. All we need is to :
1- Breach 1303.62
2- Stay above 1243.19 ,, and most important above 1205.80.