Gold

So it has entered into temporary support zone on the 4H chart:




However, despite being in a support zone, I won't be going long for the following reasons:

1. Bounce of key resistance (see chart) which was the 38.2% fib from the extreme low to high
If you look back at my charts on here you can see just how consistent Gold trades of the fib area's

2. Bearish break of the RSI trendline on multiple timeframes

3. Stochastic and other momentum indicators look bearish

Chart:




However, if you note on the Daily chart, there is a bullish break of a downtrend resistance line. This could be a false breakout however, as I think the price was always going to test the fib area.

Due to the uncertainty, I am staying out of any long term moves for gold until the direction bias becomes clearer.

I may trade on the short term moves though.

Im planning on going long at 1300 on a first attempt basis with a 5 pip stop

Short term trade?

just went long today, a few reasons for doing so but main was is that we have retraced between 50% and 61.8% of the previous up wave. Price held this week again

and I have a H4 Long signal.

The level to watch on gold for today is 1348. If this level breaks then this could send gold back up to 1424 area.

got stopped out of the long on the H4 chart. made some good gains and banked some of the move, however the stop is trailing a 20ma hence being stopped out. waiting for the next h4 or d1 signal.