A possible bullish
Fib Cluster Pullback trade is developing in Gold. The Fib cluster zone is currently between
1264.20 and 1253.20. It contains a
combination of 3 Fib retracements or extensions from a dominant MM with neutral
retracement and a supporting1 MM with supershallow retracement shown on a daily
chart. Further supporting this zone is a
previous 4 point downward sloping resistance line that is now serving as
support, a 6 point upward sloping trend line, and a previous swing high trend
line. Prices are still also above both
the 50 and 100 DMA's. A move above
1272.80 triggers a long entry with stops
below 1253.20. Target1 @ 1294.40,
target2 @ 1300.90, and target3 @
1307.70.
Sunday, April 30, 2017
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