Gold Divergence - long opportunity in the making for a retest
On the 4 hr intraday chart a bearish divergence is apparent between price and momentum.
Recent candles have tested the 3rd SD of volatility on either side of the Bollinger bands.
If 1536 manages to be the present swing high , and I am bullish on gold ...... a long is sought at
1. Entry - around 1453 , which would be a .618 fib retracement ( near support level)
2. Target - towards the 1.27 fib extension at 1564
3. Stop - beneath the 200 MAV ( and .782 fib retracement) at 1430
RR = 5
Recent candles have tested the 3rd SD of volatility on either side of the Bollinger bands.
If 1536 manages to be the present swing high , and I am bullish on gold ...... a long is sought at
1. Entry - around 1453 , which would be a .618 fib retracement ( near support level)
2. Target - towards the 1.27 fib extension at 1564
3. Stop - beneath the 200 MAV ( and .782 fib retracement) at 1430
RR = 5