GOLD Symmetrical Triangle At Play?
Hi Traders,
Hope you are all doing well.
As we know, last week was a very intense week for the world and we still have crazy volatility this week.
I choose not to trade during times like this, although market volatility is what we need as traders to make money.
However, I would rather be more certain on a position when I see a setup, rather than be unsure because of geopolitical events.
Having said this, let’s have a quick squiz at GOLD.
We were waiting for that daily resistance to be flipped at support.
Sure enough, it happened. Fundamentals dropped the price down to flip that daily resistance as support.
I saw no reason to go long once we retested that support on the daily; it’s just a giant wick.
On the 1-Hour, we have a symmetrical triangle forming and I see a possible break to the upside on the near horizon. If this pattern breaks to the upside, I will then begin to start looking for possible long positions again.
The MACD is showing us bulls are returning and sellers are weakening. However, this is not enough confluence for me to jump in. World events can move prices around like a hurricane and I would rather wait to see a little more stability
before I start to get involved.
But, we can always learn and continue to learn we shall!
Keep safe and I will see you all on the next one.
Vortex
Hope you are all doing well.
As we know, last week was a very intense week for the world and we still have crazy volatility this week.
I choose not to trade during times like this, although market volatility is what we need as traders to make money.
However, I would rather be more certain on a position when I see a setup, rather than be unsure because of geopolitical events.
Having said this, let’s have a quick squiz at GOLD.
We were waiting for that daily resistance to be flipped at support.
Sure enough, it happened. Fundamentals dropped the price down to flip that daily resistance as support.
I saw no reason to go long once we retested that support on the daily; it’s just a giant wick.
On the 1-Hour, we have a symmetrical triangle forming and I see a possible break to the upside on the near horizon. If this pattern breaks to the upside, I will then begin to start looking for possible long positions again.
The MACD is showing us bulls are returning and sellers are weakening. However, this is not enough confluence for me to jump in. World events can move prices around like a hurricane and I would rather wait to see a little more stability
before I start to get involved.
But, we can always learn and continue to learn we shall!
Keep safe and I will see you all on the next one.
Vortex
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