In 1 hour chart I sported Bullish Gartley. Price are expected to go to D leg on Fibo 1.618 (BC) instead of Fibo 0.786 (XA) because I see exact support on D leg Fibo 1.618 (BC) at price 1212.
I will not take this trade until the Bullish Gartley is completed because the price may reverse anytime before the Bullish Gartley is completed. Gold actually showing higher low from early of Feb 2016 until now. Therefore the risk to short this pair now is quite risky for me and I saw a strong support level on level 1232. The price might reverse from that level as the trend line and support fall on the same level. Broken trend line and support may be a good sign to short.
DISCLAIMER:
I'm only providing my own thought toward the market but not making any trade call.
Hit the like button if you agree with my idea. As it will give me confidence to continue posting my idea. And feel free to comment in a respectful manner if you have a different view on it. Appreciate :)
I will not take this trade until the Bullish Gartley is completed because the price may reverse anytime before the Bullish Gartley is completed. Gold actually showing higher low from early of Feb 2016 until now. Therefore the risk to short this pair now is quite risky for me and I saw a strong support level on level 1232. The price might reverse from that level as the trend line and support fall on the same level. Broken trend line and support may be a good sign to short.
DISCLAIMER:
I'm only providing my own thought toward the market but not making any trade call.
Hit the like button if you agree with my idea. As it will give me confidence to continue posting my idea. And feel free to comment in a respectful manner if you have a different view on it. Appreciate :)