It’s been an interesting Wall Street open. At this hour, the US indices are up while GOLD is down. If the pullback continues, we may get a late-week shot at a key 38% Fibonacci retracement.
Here’s a look at the weekly levels:
38% Retracement, $1900.27
62% Retracement, $1854.14
If it comes into play, a long from GOLD’s weekly 38% Fibonacci Retracement isn’t a bad trade. Here it is:
1) Limit orders from $1900.30
2) 1:1 risk vs reward
3) Initial stop loss at $1899.25
Here’s a look at the weekly levels:
38% Retracement, $1900.27
62% Retracement, $1854.14
If it comes into play, a long from GOLD’s weekly 38% Fibonacci Retracement isn’t a bad trade. Here it is:
1) Limit orders from $1900.30
2) 1:1 risk vs reward
3) Initial stop loss at $1899.25