Long

Bullish Cypher Pattern on Gold! Gold Setting Up to Head Higher!

Updated

Hey Traders, We have a Bullish Cypher Pattern on Gold. Technically the Pattern has not yet completed however price is at a strong level of resistance and may decide to head higher before reaching the .786 retracement. I have labeled two different ways to trade this pattern. There is a Aggressive Entry around the resistance level and a Conservative Entry based on the .786 retracement level. If price can reach the .786 retracement, I think we will most likely see price go against you a little bit before heading higher. I am watching 1,245.00 as a major level of support. If Price does reach the .786 level, I think there is a good chance that Gold will fall to Support around 1,245.00. If 1,245.00 is broken, We will need to re-analyze Gold as that would indicate a possible Trend Reversal (Relative to the timeframe). Remember that the Aggressive Entry will increase your Risk and Decrease your reward. I am Personally taking up a very small position as an Aggressive Entry and if price goes against me, I may add to that position at a cheaper price.. Keep in Mind that I will have to adjust my stop loss to account for the added risk.

Entry- 1,250.50
Target 1- 1,255.00
Target 2- 1,258.00

Trade closed: target reached

Hey Traders, Targets have been met! Another Great trade published here on tradingview! This was a small quick trade but it put money in the bank and that is all that matters at the end of the day! I did not end up adding to my position even though the Conservative Entry price was reached. I was comfortable with my position size & risk/reward therefore I decided to not get greedy and let the trade play out. Now I would like to see Gold break & close above $1,258.00 in order to look for more long trades. If Gold is not able to break above $1,258.00 & heads down to $1,245.00 instead, We will have to keep an eye on a possible reversal that could send precious metals lower again! This is a tricky market to trade sometimes. According to Market dynamics & economic data, precious metals should be much much higher right now however I have noticed that the Metals love to skyrocket off of there lows. If price cannot not break & close above $1,258.00 we may be in for another sell off that could create a new low unfortunately. We need to see how price reacts around those two levels that I mentioned above to gauge where price is likely to go next because as of right now, this is pure speculation. I am neutral at the moment until the charts give us more information but I will be watching those two price levels closely to determine how I will play these markets moving forward! Keep an eye out for my "Reading Structure Tutorial", I will be publishing that tutorial before Friday and it will be filled with a lot of very good information! I hope this was helpful!

Alec40

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