While the rest of the market is displaying 1W divergence and cooling off, GOLD is steadily ramping up and is sitting just below its all time high (ATH). I would be highly interested in a LONG trade setup on GOLD should the 1W close above 2420. This is shown on the chart by "LONG GOLD 1W closure above 2420" Don't forget to set your alerts ;)
For potential Take Profits (TPs) on GOLD, I would look to fib extensions to give us an indication of when to TP. TP#1 would be at the 1.618 - 2528.36 (roughly 4.5% gain) TP#2 would be at the 2.618 - 2864.57 (roughly 18% gain)
I like this trade setup the best as it is very near to current ATH and confirmation would come within a week (or two).
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