After non-farm payroll number came out very bad @38K, gold has broken out the range 1200-1220 to trade as high as 1242. Looking at the 2hr chart we can see the followings:
- Gold has reached its FIBO 38.2% retrace of the down run from 1303 to 1199, which is around 1240. - Gold made a shooting star candle on 2hr frame chart. - Support is around 1225-1230 (The yellow areas). Notice 1224 is 23.6% FIBO retrace of the recent down run while 1230 has proved to be a good support with a few of tops around that price on the left structure. - Can draw a downtrend line from 1303 connecting lower highs. Gold may go up there. - Short term bullish sentiment in gold is still very strong after bad NFP number so gold probably will climb further next week. - The next target is around 1260-ish, coincides with 61.8% FIBO retrace at 1263 and resistance by downtrend line.
What to do: - Wait for gold to pull back at 1225-1230. - Set a buy limit around 1227-1232 with a tight stop loss under 1220, and target 1260.
I think Asian traders have bought a lot this week so next Monday they may take some profit. Gold has ran up $30 today so it is logical to take profit first. This mean gold could consolidate a bit before rocketing higher.
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Gold made a gravestone doji on 2hr chart. Let's see if it will start retrace now.
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Orders has been cancelled since gold only made a minor retrace to $1235. I set my buy limit @1232 and it did not hit. Now gold has bounced back from $1235 and is trading @1250 so i will cancel my buy limit since price will go up further from here. I'm not going to chase the price and will wait for another setup.
Gold has retraced to $1235 before bouncing back to $1245. The pull back seems quite shallow. It looks like it is running flat within a channel. A break off this channel will give hints to the next move of gold.
Gold has retraced to $1235 before bouncing back to $1245. The pull back seems quite shallow. It looks like it is running flat within a channel. A break off this channel will give hints to the next move of gold.