| Entry Point | Key Level | Projection | Stop Loss | |
|---|---|---|---|---|
| Gold | 1842.7 (Buy) | 1850.2, 1854.7 | 1894.1 | 1826.9 |
Gold Chart - Analysis time: 00:45am
Commentary
Hi! everyone, a Fibonnaci grid on a 15min time frame. I will anticipate a retracement and enter my trade around 1842.7 going long this time. Once the market retrace to key levels I will use other indicators like moving averages and bollinger bands to identify the trend. I will place my stops around 1826.9 incase the market goes against me. My projection remains around 1894.1. Lets hope for the best and plan for the worst. Good Luck!
Gold Chart - Result time: 18:45pm
Commentary
Well lets look at the graph and see how the market reacted to our levels, as I have circled the area of concern as you can clearly see a breakout which broke all our levels going right near 1829 near our stop. As we all know that Obama's speech today on Job's and Profit taking at top caused the Gold Prices downward. But still I think if you had observed the market there was still something for traders like me, you can see a slow upward trend from 1829 to 1860. see you guys soon!
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