We had a great week last week going long but now with the historic trend line visible on the weekly and monthly we see possibility to fall back for the time.
We have been having multiple impulses higher and higher yet I believe we are a bit over extended for time being and the best risk to reward ratio would be waiting for a pull back to go higher. This could allow us to long and get to 1850 and even trail the stop loss as it climbs higher.
Possible short opportunity as Gold hits the trend line for a modest short profit potential.
Key Resistance at 1850
Key Support 1817-1822 , 1795-1805
We have been having multiple impulses higher and higher yet I believe we are a bit over extended for time being and the best risk to reward ratio would be waiting for a pull back to go higher. This could allow us to long and get to 1850 and even trail the stop loss as it climbs higher.
Possible short opportunity as Gold hits the trend line for a modest short profit potential.
Key Resistance at 1850
Key Support 1817-1822 , 1795-1805