Looking back my post on 6th Jan 2019:
I mentioned about Gold in my post on 6th Jan, 2019
“1. If price is still holding above 1279 with a nice price action pattern, we will enter a long position.
2. But if action 1 failed then we are waiting for a price action pattern to determine a long entry at two zones which is zone 1255-1265 or zone 1238-1252.”
What we have seen:
The price just moved in the range 1280-1298 and 1279-1287 for three weeks since then. Finally, we saw the market reacted with key support at 1279 before plotted on chart a great move on Friday and closed at 1303.2
Weekly Chart:
A strong bullish candle engulfed all the bearish pin bars of last three weeks.
Daily Chart:
Friday closed with an extremely bullish candle and the most important thing is that the long term down trend line since Aug 2011 was broken.
Watch out:
1. There might be a retest @ zone 1295-1298
2. First resistance around zone 1308
Action:
1. Keep holding long positions
2. Long term target @ 1350-1357
I mentioned about Gold in my post on 6th Jan, 2019
“1. If price is still holding above 1279 with a nice price action pattern, we will enter a long position.
2. But if action 1 failed then we are waiting for a price action pattern to determine a long entry at two zones which is zone 1255-1265 or zone 1238-1252.”
What we have seen:
The price just moved in the range 1280-1298 and 1279-1287 for three weeks since then. Finally, we saw the market reacted with key support at 1279 before plotted on chart a great move on Friday and closed at 1303.2
Weekly Chart:
A strong bullish candle engulfed all the bearish pin bars of last three weeks.
Daily Chart:
Friday closed with an extremely bullish candle and the most important thing is that the long term down trend line since Aug 2011 was broken.
Watch out:
1. There might be a retest @ zone 1295-1298
2. First resistance around zone 1308
Action:
1. Keep holding long positions
2. Long term target @ 1350-1357
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