Gold perfectly respected the Daily 0.236 Fib at 1460 and is now maybe to ready to turn the lower timeframe already to the upside.
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Bullish Case:
==========
Looking at the H4 Chart the Stoch has left the bearish control zone pointing up.
The RSI is trending upwards, regained the EMA and pointing up.
Price is now trading above the H4 10EMA below the 20EMA, if the next H4 Candle closes above the 20EMA Gold will retest 1500.
A break of a short term trendline starting to descend from the 26th of Nov will highly confirm the continuation of the Fib bounce.
First target of the upmove 1500
Second target 1520
==========
Bearish Case:
==========
If the price of Gold cant manage to break the H4 20EMA to the upside in the next lets say 8-10 hours we will probably see a slow grind towards 1460 to retest this support
First Target to the downside 1460
Second Target 1440
Have your stops in place and trade Safe!
===========================
You can copy and follow my Trades on eToro
www.etoro.com/people/koboltrading
===========================
$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL.ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS
==========
Bullish Case:
==========
Looking at the H4 Chart the Stoch has left the bearish control zone pointing up.
The RSI is trending upwards, regained the EMA and pointing up.
Price is now trading above the H4 10EMA below the 20EMA, if the next H4 Candle closes above the 20EMA Gold will retest 1500.
A break of a short term trendline starting to descend from the 26th of Nov will highly confirm the continuation of the Fib bounce.
First target of the upmove 1500
Second target 1520
==========
Bearish Case:
==========
If the price of Gold cant manage to break the H4 20EMA to the upside in the next lets say 8-10 hours we will probably see a slow grind towards 1460 to retest this support
First Target to the downside 1460
Second Target 1440
Have your stops in place and trade Safe!
===========================
You can copy and follow my Trades on eToro
www.etoro.com/people/koboltrading
===========================
$GLD $GDX $GDXJ #GLD #GDX #GDXJ $NEM $GOLD. $HOC.L $2899.KH $BOL.ST $XAUUSD #XAUUSD #XAU #TRADINGGOLD #GOLDPRICE #TECHNICALANALYSIS
