Gold - Where is it going next?
Updated
Gold is trading inside a huge triangle for over a month now. We are patiently waiting for the break of each side in order to execute a trade in a direction of a break. If we break the resistance and start edging higher targets will be 1740, and 1780. On the other hand, our downside targets are 1640 and 1600.
We are looking for break and confirmation of the break to execute the trade. We will update the idea once appropriate setup is found.
We are looking for break and confirmation of the break to execute the trade. We will update the idea once appropriate setup is found.
Note
Gold broke to the upside today strongly. We will wait patiently for pullback to 1720ish area (1718-19 preferably) to take the pair long towards 1740 and 1780, or maybe even beyond to 1830.
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