GOLD LONG based on 1W Closure above 2420

٢٤ يوليو

While the rest of the market is displaying 1W divergence and cooling off, GOLD is steadily ramping up and is sitting just below its all time high (ATH). I would be highly interested in a LONG trade setup on GOLD should the 1W close above 2420. This is shown on the chart by "LONG GOLD 1W closure above 2420"
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For potential Take Profits (TPs) on GOLD, I would look to fib extensions to give us an indication of when to TP.
TP#1 would be at the 1.618 - 2528.36 (roughly 4.5% gain)
TP#2 would be at the 2.618 - 2864.57 (roughly 18% gain)

I like this trade setup the best as it is very near to current ATH and confirmation would come within a week (or two).

Happy Trading!