Gold maintaining a long bias presently.
Reasons are few
1. Uptrend from Mid December 2016.
2. Short term averages positive.
3. HA bar close above 8 MAV.
4. Breakout of recent consolidation at 1245.
5. Wanting to see a decent correction for the last swing low ( .618 - .666 retracement , or at least beyond the equal legs fib extension . )
Entry closer to 1250.
Stop - HA daily close ( not penetration) beneath the 14 MAV and the supporting trendline @ 1236.
Target - 1289 ( .666 fib )
RR - 2.5 +
Reasons are few
1. Uptrend from Mid December 2016.
2. Short term averages positive.
3. HA bar close above 8 MAV.
4. Breakout of recent consolidation at 1245.
5. Wanting to see a decent correction for the last swing low ( .618 - .666 retracement , or at least beyond the equal legs fib extension . )
Entry closer to 1250.
Stop - HA daily close ( not penetration) beneath the 14 MAV and the supporting trendline @ 1236.
Target - 1289 ( .666 fib )
RR - 2.5 +
