Hey Traders,
Gold has been in a rally for last 5 weeks and finally those highs from 2013 have been taken. We are sitting at monthly resistance where we can also find weekly fibo 50 level.
On a weekly chart we can see a pin bar supported by high volume. Although the pinbar has a long week to the upside it has not closed bearish.
What goes up must come down so I am expecting a pullback here to 1360 ish where my buying area is located. There is a nice confluence of weekly support + 50 fibo level.
Overall I am bullish on this market.
What are your thoughts?
Trade what you see not what you think!
Gold has been in a rally for last 5 weeks and finally those highs from 2013 have been taken. We are sitting at monthly resistance where we can also find weekly fibo 50 level.
On a weekly chart we can see a pin bar supported by high volume. Although the pinbar has a long week to the upside it has not closed bearish.
What goes up must come down so I am expecting a pullback here to 1360 ish where my buying area is located. There is a nice confluence of weekly support + 50 fibo level.
Overall I am bullish on this market.
What are your thoughts?
Trade what you see not what you think!