Low to high shows gold currently sitting on the 61.8% golden fib ratio with additional support at 1450.
I entered a long order at 1448.7 for the following reasons.
- commodity channel index oversold then crossed upward
- stochastic moving upward
- fib golden zone 50 - 61.8%
- uptrend has been established
- 1450 whole number level
- 1450 as a major support level for DAILY, WEEKLY, MONTHLY
Now it's down to monitoring the upward move ideally if US data is negative and poor news comes between US - China relations - gold will RALLY.
My short term target is 1500 - 1520... a break above this 1550 highs... then a further break will target Fibonacci extension targets 1600 - 1650
The way golds moves a buy now and hold could take a few weeks - month. LETS AWAIT.
I entered a long order at 1448.7 for the following reasons.
- commodity channel index oversold then crossed upward
- stochastic moving upward
- fib golden zone 50 - 61.8%
- uptrend has been established
- 1450 whole number level
- 1450 as a major support level for DAILY, WEEKLY, MONTHLY
Now it's down to monitoring the upward move ideally if US data is negative and poor news comes between US - China relations - gold will RALLY.
My short term target is 1500 - 1520... a break above this 1550 highs... then a further break will target Fibonacci extension targets 1600 - 1650
The way golds moves a buy now and hold could take a few weeks - month. LETS AWAIT.
