The Gold has been on the counter-trend move since it reached the M L5 level (Monthly Strong Support. The retracement is easily spotted in the 4h time frame. At this point, we can see that the W H4 stopped the retracement in its tracks and 1268.80-1270.50 could reject the price towards 1261.85. – W L3 pivot. Only if the price breaks below the W L3/trend line confluence we might see 1257 and 1252.60. If the price closes above the projected ATR high at 1273.14, we might see another bullish move towards 1280.60.
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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This article was originally posted on FX Empire