Neutral bias on Gold at the moment, after respecting the break of a descending trend line & rejecting higher prices for 2 weeks we finally saw strong bullish momentum on Friday that broke back above the trend line.
Now we are anticipating one of the two scenarios marked on the chart to play out.
Scenario 1: Price will break above the nearby resistance zone & 0.768 fib retracement level & then retest the fib level & ascending trend line from above, this is where we would look to enter short trades.
Scenario 2: Price will decline back beneath the ascending trend line & start a decline. If price breaks below the 1281.00 support we would anticipate a bigger downside move. We would enter shorts on a retest of this level from below.
Upside & downside targets are listed on the chart.
Updates will be posted as this trade progresses.
Now we are anticipating one of the two scenarios marked on the chart to play out.
Scenario 1: Price will break above the nearby resistance zone & 0.768 fib retracement level & then retest the fib level & ascending trend line from above, this is where we would look to enter short trades.
Scenario 2: Price will decline back beneath the ascending trend line & start a decline. If price breaks below the 1281.00 support we would anticipate a bigger downside move. We would enter shorts on a retest of this level from below.
Upside & downside targets are listed on the chart.
Updates will be posted as this trade progresses.