Support and resistance levels for gold

Jun 5, 2016

Gold got supported at 0.618 fib level and rising support line. It seems that gold is now in a more flat rising channel (red colour). Pay attention to the red bearish line. It will confirm more uptrend if it can break it up. Otherwise gold might retrace back to the support line again.

Trading plan:
Go long if oil retraces back to the support line at 1210~1220
SL at 1199;
TP1 at 1255
TP2 at 1276
TP3 at 1293

Good luck for everyone!

Jun 8, 2016

Note

TP1 touched! The moving up is a clear five waves. After the short retrace it should go up again for TP2 and TP3.

Jun 10, 2016

Note

TP2 touched! Five waves up has completed likely. Wait for the retrace back and go long again.

Jun 17, 2016

Note

TP3 touched. All of longs were closed. The price was rejected back from red channel line. I will watch carefully what it will go and might open short positions.