Gold had a massive bullish move on the H4 chart yesterday. The immediate next candle was a bullish candle too although it could not take the price too far. Then, the price started having a correction. In fact, a massive bearish pin bar made the price start having the correction. Good thing is the price is very near to a level which has the potential to be the level of support. If that happens and it ends up producing an H4 bullish engulfing candle, then an H1 breakout at yesterday’s highest high would lead the price to towards the North further. Let us have a look at the H4 Gold chart.

This is another trade idea generated by the Elite Swing Trader.

The level of 1294.95 does not seem to be any significant level here. However, it is a significant Fibonacci level. It has the potential to be the level of support and hold the price. If it does, then an H4 bullish engulfing candle around this level would attract the buyers to keep their eyes on an H1 breakout at the level of 1303.15 to take a long entry. Let us have a look at the summary of the trade

• Buy Stop Order: 1303.44
• Stop Loss: 1295.53
• Take Profit: 1316

Fibonacci levels play vital role in the financial market. In fact, Forex traders do care a lot about Fibonacci levels. Among 5 significant Fibonacci levels, 61.8% is the most widely respected Fibo levels. Interesting point about Fibo levels is they work well from 5M time frame to Monthly Time frame. Click Here to learn more about Elite Swing Trader

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