Spot Gold

[mnoae]

Dear Fib Master
Please give me your chart analysis and forecast on Spot Gold.
Thanks
mnoae

[FibMaster]

Hello and thanks for the great question. I apologize for the delay in responding. This has been a busy time and I'm fighting off a cold lately.

Gold has been bullish for a long time, just look at your weekly or monthly chart to confirm that. On the daily chart (attached), there is a retracement that has started to bounce off the first key support level. As long as the daily chart doesn't form a lower swing high, with a double top, the chart will remain bullish.

We can't know if the current support level will hold, or whether the chart will retrace to one of the other two deep Fibonacci levels. Any of those FibLevels are buy opportunities if support materializes. Below $809 I would not be an eager buyer, actually the chart becomes bearish down there, so shorting rallies becomes more attractive.

If you trade intraday, watch your short-term trends to confirm whether those support levels are holding, use that to time your entries.

I've tried to give an overview and specific strategies in this post. Unfortunately I don't know what time-frame you trade, or enough information about your own strategy, to be more detailed. You should use this information, apply it to your situation, to improve your trading odds.