GOLD DAILY 09/05/2018
Updated
Yesterday Gold moved down and closed below the daily pivot for today. Price is already in the first weekly support area ($ 1192.70 / oz) and is at the channel support line that is formed. Looking at the daily price movements in the past week there is a chance the price moves to form XABCD or maybe three drives pattern. Chances are the price will move back up to the weekly pivot area ($ 1203 / oz).
Option:
-Open long positions if the price does not break the channel or break the first daily support
-TP1 on daily pivots
-TP2 at the first daily resistance
-SL can be placed in the first daily support or previous swing low
-Wait for confirmation to open a position
Option:
-Open long positions if the price does not break the channel or break the first daily support
-TP1 on daily pivots
-TP2 at the first daily resistance
-SL can be placed in the first daily support or previous swing low
-Wait for confirmation to open a position
Trade closed: target reached
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