Gold: 22.06.2017 / D1
Our Expectations: Mid term long movement. Price reached levels of diagonal supports, where we expect the correction to end and the mid term movement to resume.
Alternative Scenario: If the price goes under the multiple supporst and holds level below them, the outlook will change to short, where we can look for new short positions after correction around $1229.
Commentary: The price corrected till levels of diagonal supports, 38.2% Fibo. Price action of pin bar on support levels, as well as close to the SMA 200. This gives us the ground to open a new long position.
The slump of Oil's price effected negatively the stock markets, which is making investor relocate their assets to more safe haven financial instruments. This also supports the tesis, that the Gold will increase its price.
Demarker reverted and breached level 40.00 - positive signal.
TD Sequential counted 9, which is also a signal, confirming that the correction is over.
SL: $1229
Jr Trader Alexander Kumanov
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