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Gold Trading Bullishly

Published 02/02/2016, 06:26 AM
Updated 07/09/2023, 06:31 AM

Gold

Gold trades above 50% Fibonacci of the wave from 1191.00 to 1046.00 at 1118.00, which is a positive sign according to Fibonacci rules and would extend the bullishness towards 1136.00 where 61.8% exists.

Gold Daily Chart

However, risk versus reward ratio is inappropriate around 1125.00 along with weakness on RSI, which nears 70.00 levels.

Hence, we will be bullish, but we will avoid trading the metal.

Support: : 1120.00 – 1118.00 – 1110.00

Resistance: 1130.00 – 1136.00 – 1142.00

Direction: Bullish, but we will avoid trading

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