Waiting for the second down-swing on gold.
After the heavy sell-off a small triangle
formed with resistance at 1260.6.
I expect the price to break up from
the triangle after a couple more re-tests.
The breakout should be weak or even fake.
And after reaching some of the fib levels
I expect the next swing out of the expo ribbon
to the downside.
The other possible scenario
is the breakdown from the triangle.
However then I don't expect a large move.
Possible targets: 1237, 1220.
Good luck ;)
formed with resistance at 1260.6.
I expect the price to break up from
the triangle after a couple more re-tests.
The breakout should be weak or even fake.
And after reaching some of the fib levels
I expect the next swing out of the expo ribbon
to the downside.
The other possible scenario
is the breakdown from the triangle.
However then I don't expect a large move.
Possible targets: 1237, 1220.
Good luck ;)
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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.