Gold closed strong bull weekly candle.
gold manage to close a solid weekly candle that manage to cover most of previous wick highs that showing a strong indication that it wants to reach its ATH as first destination which is accordance to fibo from the latest bearish movement of 3403 to 3295.
Bias is Bullish.
However, in the current daily line chart. we are at 3-point touch of resistance. which also indicate a very strong point of resistance.
1st scenario is I foresight gold will continue its climb towards 3500 or even closer to it to cfm its direction. if breaks above 3500 means gold will head towards 2.618 of fibo.
2nd scenario, if gold did not manage to break the 3500 ceiling, possibility for a trendline support retest as previous the weekly trendline was able to be broken however due to fundamental of trade war tariff its bounce back making it as a fake out.
my plan for next week.
1. I will still focus to look for buys, however I will only scalp position. means if I identify a support area to buy with a clear confirmation of fresh breakout target with a 50pips 1st tp 50% and 100pips 25% and balance B.E. for every setup.
2. I will wait for a confirmation of sells setups nearer to its resistance. if a strong and clear rejections appear in smaller tf shall i take that trade with the same principals and target as it makes sense to sell high.
at the current no trader is wrong to buy or sell as we are in at the most volatile area that a minute candle goes as much as 100pips. only money management that will keeps us alive. A self reminder to me as well. All the best traders. may it'll be a fruitful week ahead for all of us.
gold manage to close a solid weekly candle that manage to cover most of previous wick highs that showing a strong indication that it wants to reach its ATH as first destination which is accordance to fibo from the latest bearish movement of 3403 to 3295.
Bias is Bullish.
However, in the current daily line chart. we are at 3-point touch of resistance. which also indicate a very strong point of resistance.
1st scenario is I foresight gold will continue its climb towards 3500 or even closer to it to cfm its direction. if breaks above 3500 means gold will head towards 2.618 of fibo.
2nd scenario, if gold did not manage to break the 3500 ceiling, possibility for a trendline support retest as previous the weekly trendline was able to be broken however due to fundamental of trade war tariff its bounce back making it as a fake out.
my plan for next week.
1. I will still focus to look for buys, however I will only scalp position. means if I identify a support area to buy with a clear confirmation of fresh breakout target with a 50pips 1st tp 50% and 100pips 25% and balance B.E. for every setup.
2. I will wait for a confirmation of sells setups nearer to its resistance. if a strong and clear rejections appear in smaller tf shall i take that trade with the same principals and target as it makes sense to sell high.
at the current no trader is wrong to buy or sell as we are in at the most volatile area that a minute candle goes as much as 100pips. only money management that will keeps us alive. A self reminder to me as well. All the best traders. may it'll be a fruitful week ahead for all of us.
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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.