Gold looks ready for some upside - but don't rush in
Gold looks like a very good long at the moment.
Gold has broken above the recent downwards trendline and looks about ready to retest the trendline as support.
There's good confluence of...
However, my spider senses are warning me that it might be a wee bit too premature to enter...
While an entry now is tempting, I notice that the "true" weekly rising trendline support (red dash) has not yet been tested. This line should be drawn by strictly touching all lows in the trend - not the lows of the candle bodies. I've rushed in on Gold before only to get burned by not following this rule.
While its tempting to enter now, I'm going to wait a few days for price to retest 1263 before going long.
If you choose to enter now, make sure that your SL is wide enough to cover a test of the lower trendline - it's a very real possibility.
Good luck!
Gold has broken above the recent downwards trendline and looks about ready to retest the trendline as support.
There's good confluence of...
- Confluence of 200 EMA
Bounce off of 1st trendline support (purple line)
Bounce of Fib 61.8% level
However, my spider senses are warning me that it might be a wee bit too premature to enter...
While an entry now is tempting, I notice that the "true" weekly rising trendline support (red dash) has not yet been tested. This line should be drawn by strictly touching all lows in the trend - not the lows of the candle bodies. I've rushed in on Gold before only to get burned by not following this rule.
While its tempting to enter now, I'm going to wait a few days for price to retest 1263 before going long.
If you choose to enter now, make sure that your SL is wide enough to cover a test of the lower trendline - it's a very real possibility.
Good luck!