Here is what to expect:
RECAP:
In our previous analysis we expected Gold to be bullish after it had formed an inverse head & shoulder pattern, we had our Buy stop positions at $1855 which was ignored by our system as it was registered as a false breakout. We managed however to capitalize on the bullish momentum which came from the disappointing CPI report enabling us to lock 300pips over 20 positions. Gold then fell from these highs and broke the resistance/support at $1830 and today triggered our Sell Stop at $1820 which we locked at $1814 after a bullish butterfly had formed on the 1H chart.
WHAT TO EXPECT:
Gold is still bullish
We expect gold to rebound from these lows and head back to $1830, $1850 & $1875
Bullish Butterfly formed on the 1H chart.
On the other hand if Gold breaks below $1800 we expect it to test previous lows at $1785
OUR POSITIONS:
Buy Stop @: $1835
Buy Stop TP1 @: $1850
Buy Stop TP2 @: $1860
Sell Stop @: $1800
Sell Stop TP @: $1785
Link to our previous analysis below
RECAP:
In our previous analysis we expected Gold to be bullish after it had formed an inverse head & shoulder pattern, we had our Buy stop positions at $1855 which was ignored by our system as it was registered as a false breakout. We managed however to capitalize on the bullish momentum which came from the disappointing CPI report enabling us to lock 300pips over 20 positions. Gold then fell from these highs and broke the resistance/support at $1830 and today triggered our Sell Stop at $1820 which we locked at $1814 after a bullish butterfly had formed on the 1H chart.
WHAT TO EXPECT:
Gold is still bullish
We expect gold to rebound from these lows and head back to $1830, $1850 & $1875
Bullish Butterfly formed on the 1H chart.
On the other hand if Gold breaks below $1800 we expect it to test previous lows at $1785
OUR POSITIONS:
Buy Stop @: $1835
Buy Stop TP1 @: $1850
Buy Stop TP2 @: $1860
Sell Stop @: $1800
Sell Stop TP @: $1785
Link to our previous analysis below
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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.
Related publications
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.