Gold: Buying opportunity
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On the 4H charts gold is in a clear uptrend, printing higher highs and higher lows. If we manage to get a rally higher from this level, a higher high can be expected, while a potential bearish butterfly completion is sitting at 1765.
There is a good chance that gold might reverse from this level. A bullish Gartley is appearing, in which 38.2%, 61.8%, 78.6% fibonacci retracements sets up a nice symmetrical pattern with a 200% extension. The pattern completes between 1.414 and 1.618 AB=CD. Some strong support should be expected at the 1.618 level at 1675 with demand sitting just above with a fibonacci cluster consisting of 23.6% retracement and the 200% extension at 1678.
A 15 minute chart is showing bullish divergences and confirms the long bias:
Good luck to all trading gold!!
There is a good chance that gold might reverse from this level. A bullish Gartley is appearing, in which 38.2%, 61.8%, 78.6% fibonacci retracements sets up a nice symmetrical pattern with a 200% extension. The pattern completes between 1.414 and 1.618 AB=CD. Some strong support should be expected at the 1.618 level at 1675 with demand sitting just above with a fibonacci cluster consisting of 23.6% retracement and the 200% extension at 1678.
A 15 minute chart is showing bullish divergences and confirms the long bias:
Good luck to all trading gold!!
Nota
Completely missed the other AB=CD.. First target hit at 1680... Could be heading down to second target at 38.2%Nota
Nota
Price and momentum starting to converge. A quick view on the 4h charts shows that price is unable to close below the 1.618 level plotted on the chart
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