GOLD LONG SETUP
GOLD is looking really interesting right now, i'll like to analysis this as it seems to come with an awesome risk reward ratio.
Price is still technically in it all time UPTREND, also it worth to take note of the sideways trading we've been experiencing on the pair since we hit the all time high @ 2071.00 in August of 2020, now it's seems like we are having a kind of more worthy BULL FLAG in my opinion
Last week price got rejected from the resistance zone of the BULL FLAG, which give us the 61.8 fibonacci retracement of the last impulse move from the support of the BULL FLAG to the resistance zone of the said BULL FLAG.
Today price find daily support at 61.8 fibonacci zone @ 1818.00 which is also a level of support holding since December 3rd, possibly the day will close as a PINBAR with the trading day almost coming to an end.
Also we've this head and shoulder pattern on 30mins chart which is another edge for the RALLY coming on the pair, with the said H&S neckline @ 1855.00, a break above the neckline will be a BUY SIGNAL with stoploss below @ 1818.00, targeting the all time high @ 2075.00 as TP anticipating a push above the BULL FLAG and continuation thus.
For me, if the daily PINBAR close nicely with the small body close to the top of the wick that will be enough confirmation for the UPTREND continuation, a break above the neckline of the H&S on 30mins chart is simply another edge or confirmation for more upside.
Price is still technically in it all time UPTREND, also it worth to take note of the sideways trading we've been experiencing on the pair since we hit the all time high @ 2071.00 in August of 2020, now it's seems like we are having a kind of more worthy BULL FLAG in my opinion
Last week price got rejected from the resistance zone of the BULL FLAG, which give us the 61.8 fibonacci retracement of the last impulse move from the support of the BULL FLAG to the resistance zone of the said BULL FLAG.
Today price find daily support at 61.8 fibonacci zone @ 1818.00 which is also a level of support holding since December 3rd, possibly the day will close as a PINBAR with the trading day almost coming to an end.
Also we've this head and shoulder pattern on 30mins chart which is another edge for the RALLY coming on the pair, with the said H&S neckline @ 1855.00, a break above the neckline will be a BUY SIGNAL with stoploss below @ 1818.00, targeting the all time high @ 2075.00 as TP anticipating a push above the BULL FLAG and continuation thus.
For me, if the daily PINBAR close nicely with the small body close to the top of the wick that will be enough confirmation for the UPTREND continuation, a break above the neckline of the H&S on 30mins chart is simply another edge or confirmation for more upside.
Note
Update: The supposedly expected daily PINBAR didn't close as expected, so we will be waiting for more confirmation for more upside, if we can get a push above the H&S neckline i mentioned in the analysis above.Candle close is important here for me. If there's no setup that's worth putting in our money, then no entry...
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