GOLD BULL
Feb 13, 2020 at 06:14
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8 Replies
Feb 13, 2020 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
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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Member Since Apr 09, 2019
538 posts
Feb 13, 2020 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
If you can't spot the liquidity then you are the liquidity.
Member Since Aug 16, 2011
110 posts
Feb 17, 2020 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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Member Since Jul 22, 2013
216 posts
Mar 17, 2020 at 10:23
possible revers - 261 fibo after time - 1450 ...
(up to 1600-1700)
plan B -
if price hit 1420-1400 - possible next trgets -
1300
1200$ ...
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