The upward movement continues to be a medium-term impulse. On Friday, favorable prices were obtained for the purchase of the second control zone at 1185.65-1184.10. The basic plan for the day is to hold a long position and find favorable prices for opening new deals.
There was a strong impulse on Friday, so the probability of updating the last week's high is 70%, which makes it possible to talk about reaching the target zone of 1/2 control zone at 1210.94-1209.39. Testing the specified zone will allow closing a part of purchases, and the rest to take out in breakeven. For those who do not have purchases, it is necessary to wait for the formation of a correctional model. The first support is the a control zone at 1200.33-1199.56. Testing the specified zone makes it is possible to open a position with a stop no more than 300 points. The main support is the a control zone 1192.58-1091.03. The test of this zone will be decisive and the upward movement remains an impulse while the pair is trading above it.
The formation of a correctional model can take several days, so there is no need to rush shopping with current grades. Today's consolidation above the level of 1210.94 will indicate further growth in the medium term.
Friday's move was a strong impulse and it is too early to talk about the formation of a reversal downward model. Sales from current marks will not be profitable, as the probability of absorption of the last growth is 30%. A decline model is better used in finding purchase prices. The reversal model will develop if the closure of today's US session occurs below the a control zone at 1192.58-1091.03. This will cancel plans for gold growth in the next five days.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change several times a year.
The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com