Setup building & imminent: Gold's turnaround trade. 1hr below
Updated
https://www.tradingview.com/x/zCo7weB6/
Gold on the 1hr moved downwards in this correction in a lowering wedge pattern however price moved from this wedge, moved lower today and now is building momentum for a break upwards from a triangle type pattern.
More on this in 1 moment..... I need to check charts
You can see the right of screen 1m chart, double bottom earlier and an upward sloping wedge on 1m chart right up to intraday.
Gold on the 1hr moved downwards in this correction in a lowering wedge pattern however price moved from this wedge, moved lower today and now is building momentum for a break upwards from a triangle type pattern.
More on this in 1 moment..... I need to check charts
You can see the right of screen 1m chart, double bottom earlier and an upward sloping wedge on 1m chart right up to intraday.
Trade active
I will buy break above 2572. Important to wait for previous high to be taken and a break upwards from triangle.
SL: 2558
TP: Much higher
Note
Note
FIB retracement to buy-inj from 38.2 50% chart aboveNote
The Gold Price is in a Double-top system for all of Friday. Price is not being overcome by sellers imo. Must wait for this to TOP2 to play out. Momentum is for upside movement. So price may overcome the top of this pattern soon.
Note
Due to an MTOP pattern gold may sell off soon. 2560 is the sell zone. A false break up will occur into further selling.
Trade closed: target reached
I wish i saw this double top earlier.
I started a new. thread.
bulls above 2565
below 2560 is a MTOP breach. Price will go much lower
Note
sorry target has not been reached that was a rushed typo
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