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GOLD BULL
bax699

Member Since Oct 23, 2018  2 posts bax699 Feb 13 at 06:14
Last time i looked at gold (not on here) it was sat at the support area of 1550 area. suggested it could move from there and price has since moved up a couple of hundred pips.
You can see it has bounced from the 0.38 fib a few times, which shows that area is strong on the daily TF.
Whats next? Well i dont know for certain but could we go up to form a triple top? who knows but look out for the top around the 1587 area.
We could then either get a retrace to the 0.38 fib again or even deeper to the 50% rest stop or to meet the .618 and trend for multiple confluences before a gigantic push up. Remember buy low sell high. Look for the spots dont trade in the middle and get caught out
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Jungle78

Member Since Feb 12, 2019  3 posts Jungle78 Feb 13 at 06:24
Looking like a triple top as you've pointed out .A drop to the .38 Fib would be a nice move downwards. Either way il try not to get caught ranging !

sebking1986

Member Since Apr 09, 2019  4 posts sebking1986 Feb 13 at 20:05
With the impact of coronavirus I think a triple top is likely. Once they get it undercontrol it will probably coincide with a dump to one of the key levels. I honestly wouldn't be surprised to see the 0.5 or even 0.618 level reached before a massive rally

Pezza

Member Since Oct 17, 2018  2 posts Pezza Feb 14 at 21:29
Think the corona virus has has an impact but i will be looking at the sell for monday to sell the triple top. the back in for the buy for the next bull run!

momo3HC

Member Since Oct 20, 2018  90 posts momo3HC Feb 16 at 15:49
I`m seeing like 38.2 test before some good gains again.

momchil_slavov@
camerongill

Member Since Aug 16, 2011  73 posts BankingOnBullion (camerongill) Feb 17 at 07:24

In my opinion the shorters should be very careful at the moment.

Look at the trend-line break on silver...



Whilst generally silver moves tend to lag gold it could be the other way around for a change.

Given the economy, debt, virus and raging stock markets I would be surprised if we see gold below 1500 in the near future.

A logical trade would be the triple top, however we are not in logical times.

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