After today's rapid pullback, the current price of gold has come near the key support level, which is the 3350-3360 range.
Based on the Fibonacci retracement indicator for the 3268-3408 uptrend, the 618 support level is located at 3355. Furthermore, the rising trendline also suggests downward support at 3350-3360.
Thus, I believe it's a good idea to enter a long position if the price retraces back to the 3350-3360 range.
Settings are as follows:
3350-3360 BUY
Take Profit Target 1: 3380
Take Profit Target 2: 3340
Stop Loss 0.5 Support: 3338
Personal opinion, for reference only
Based on the Fibonacci retracement indicator for the 3268-3408 uptrend, the 618 support level is located at 3355. Furthermore, the rising trendline also suggests downward support at 3350-3360.
Thus, I believe it's a good idea to enter a long position if the price retraces back to the 3350-3360 range.
Settings are as follows:
3350-3360 BUY
Take Profit Target 1: 3380
Take Profit Target 2: 3340
Stop Loss 0.5 Support: 3338
Personal opinion, for reference only
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🔥🔥🔥Welcome to join
Get free daily high-quality trading signals
Free Gold Signal Channels📲:t.me/Quality_Gold_Signal
Get free daily high-quality trading signals
Free Gold Signal Channels📲:t.me/Quality_Gold_Signal
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.