Gold targets 1305, looking for long entry on lower frame
On week chart, the downside trendline has been broken and the horizontal support has been tested effectively afterwards. With today's strong candle, price may go to next resistance at 1305 very soon. However, I do not recommend to take long entry on higher time frame as the risk:reward ratio is not satisfied. I prefer to wait for retracement and look for entries on lower time frame. I will update entry opportunities on comments.
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Gold has gone up for more than 300 pips, it is not a good time to enter long now. If price cannot touch previous high, it will be our next short-term target after a consolidation on H1 chart.
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Big up and down movements yesterday rejects our plan on long bias, but it is not appropriate right now to look short above trendline and horizontal support. Wait for more price actions.
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I may start to look for long entries if the tringle pattern is broken upward.
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The triangle pattern is about to be broken, perhaps today or tomorrow with non farm payrolls. We still have to wait for a long candle completed above the resistance as a long confirmation, then start looking for long entry. Protect position when price reaches previous high at 1263, and then look for more profit.
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Long position is opened at the blue line