GOLD - ACCUMULATION PHASE?
Hello, Gold completed 2 months ago an inverse H&S of potential continuation (which is still valid) with target 1920. Amid uncertainty on markets, the direction is still not clear, but it is worth to notice we are probably in an accumulation phase (even with SPX back above 3000, gold does not fall). Currently trading in a channel within the extension area (green) and two retracement areas (blue and red).
Risky to take any position now, also because COT (commitment of traders) seems more biased toward a short. Lets see which direction gold will take before taking any action. Once I'll have a confirmation, I will enter via Options and let you know my metrics (SL and TP). Cheers!
Risky to take any position now, also because COT (commitment of traders) seems more biased toward a short. Lets see which direction gold will take before taking any action. Once I'll have a confirmation, I will enter via Options and let you know my metrics (SL and TP). Cheers!
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Or simply you don't want to risk it?
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