Possible Reversal at Area of Interest for Gold

Confirming the 1549.44 level as support and respecting 1589.66 level as resistance we can infer that we are trading in a sideways range until we break out to the up or downside. However, we noticed price making signs of reversing at the 1574.78 level which is in confluence with the daily structure and 61.8 Fib on the daily impulse leg. Placing our TP at the area of support and SL just above the 78.6% fib level.

Waiting for our entry conditions to be met before entering.

The risk to reward is 1:2.92

Good luck traders, be sure to like this post and comment your ideas below for more free multi-time frame analysis.