Gold sitting on a resistance level at the moment but having broken 1875, creating a triangle pattern.
Market is oversold and a correction is due in my opinion by next week or the following.
With the current price action I would think that it either touches 1900 and breaks down to 1800 for a 50 to 618FiB extension or breaks down now to touch 1850 then back up to 1900. I do think 1900 still needs to be achieved.
Wait for confirmation of the break in triangle.
Could get a 1:2 or 1:3 risk to reward depending on how you trade.
This is just my opinion.
Market is oversold and a correction is due in my opinion by next week or the following.
With the current price action I would think that it either touches 1900 and breaks down to 1800 for a 50 to 618FiB extension or breaks down now to touch 1850 then back up to 1900. I do think 1900 still needs to be achieved.
Wait for confirmation of the break in triangle.
Could get a 1:2 or 1:3 risk to reward depending on how you trade.
This is just my opinion.
Trade active
Updated pattern - usually bullish but can be reversal.
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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.