Gold Trade opportunity between the Fibs

21 Tem 2019

I can see an opportunity here. Gold has retraced perfectly and bounced from 0.618 fib measuring from the last swing low.1420.30. 0.618 fib from the high gives us a target 1440.91 and there is some resistance there too. In between there is nothing until 1436.37 the highs from earlier in the month. I am going to look for gold to show some buying interest first, if it gets to 1427 and then a pull back to 1423 or lower without breaking through 1420 it would be a good sign. If we get a bounce off 1420.27 exactly then I would be very confident of a 200 pip run back to 1440. For me it all depends what happens in the first 3hrs, if it doesn't go where I am looking then it's not worth pursuing. This is a high RR trade depending on how close to 1420 you can get an entry if I can open a position at 1423 SL 1420 tp 1440 RR is 5.6.

21 Tem 2019

Not

Gold has touched 1427.98, 0.618 will be 1423.20.
We'll wait and see

22 Tem 2019

Not

Just hit 1423.20 and bounced Looks good to go long