​GOLD is Trapped Within the Rectangle Range

July 30, 2018 20:40

Source: Admiral Markets MT5 with MT5SE Add-on

Gold has been trapped within a rectangle range between the two POC zones. Trend lines are also marking congestion that follows the range play. There are two possible scenarios inside the range. A rejection from the lower POC 1216-1218 zone towards 1227.65-1230 and the rejection from the upper POC zone 1230-1232.50 towards 1220. The rectangle will be broken if the price makes a clear close below the lower or upper boundaries. Breakout below should aim for 1213 and 1205. The upper breakout should target 1240.50.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.