Gold making a wedge, could see a small rally soon
Gold has made a big drop this week. As you can see in the bigger wedge around the highs, it just dropped of out of it instead of going higher. Because that's a very weak sign we saw that acceleration down. It did the same a month ago. Now it has made another wedge, smaller one which suggests we could see a correction up after this big drop.
A small false break out below is still possible!
The first green area should be the first target, i will close half here. The second target could also be possible, here i will close the other half.
A small false break out below is still possible!
The first green area should be the first target, i will close half here. The second target could also be possible, here i will close the other half.
Note
I got the first half in 1322, will buy the other half at the lower green line or when we get above the 1324Note
Other half is in too, stop around 1318 and 1315Note
Note
Targets already reached, I have closed half at 1333, i am letting the rest run with a stop at 1328Trade closed: target reached
Closed the remaining at 1342 :). Was a very easy trade this one. 11 points on the first half an 20 point on the other 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.