On the daily - Price looks like it has retraced to the 38.2% Fib level on the 4th Feb, and seems like its going to continue its bullish trend.
On the hourly – the reversal has caught up to the 38.2%, consolidating there for a few hours.
Trend – bullish. Considering this trend, a good time for the price to hit its low for the day should be around 1558 – 1561 area where after that, it should start to head up again.
Or it could just use the 1564.8 (38.2%) hourly level on the Fib as a support to start the trend up again.
MACD on the 15mins shows its in Red but climbing to green (good indication that it’s going up), RSI level is at 47, good place for a move up as its not overbought yet
Looking at the 15mins chart for a possible entry:
Entry: 1567
Stop loss: 1562.5
Limit: 1570 (50% hourly fib level) or 1572 (23.6% daily fib level)
Actual Trade:
Entry: 1567.3
SL: 1562.5
Limit: 1570
XAUUSD
On the hourly – the reversal has caught up to the 38.2%, consolidating there for a few hours.
Trend – bullish. Considering this trend, a good time for the price to hit its low for the day should be around 1558 – 1561 area where after that, it should start to head up again.
Or it could just use the 1564.8 (38.2%) hourly level on the Fib as a support to start the trend up again.
MACD on the 15mins shows its in Red but climbing to green (good indication that it’s going up), RSI level is at 47, good place for a move up as its not overbought yet
Looking at the 15mins chart for a possible entry:
Entry: 1567
Stop loss: 1562.5
Limit: 1570 (50% hourly fib level) or 1572 (23.6% daily fib level)
Actual Trade:
Entry: 1567.3
SL: 1562.5
Limit: 1570
XAUUSD