GJ is very early stage of forming H&S on a weekly chart. I am anticipating in 3-4 months time it will fully complete the formation of H&S and going downwards.
Finally GJ is able to break the Resistance of 133.555. This level should work as Resistance now. GJ also broken a downward channel as indicated in the chart with a strong move. It is also above the 100 period and 200 period EMA line. So it now has a possible Long opportunity unless some fundamental economic news/situation changes it courese otherwise
Open...
Based on H&S and Fibo level if it finally ends up developing H&S pattern then the following TP will be valid. (It may take till Friday 12/6/2020 to form it)
Entry: 137.000
TP1: 135.750
TP2:134.500 (I can manually close at 135.000 level on Friday before London session)
Based on Wedge drawn + Fibo Level + Double/tripple Bottom: Everything happeing at almost same price level. Based on all these I think it will go up to next Fibo level 61.8%.
After that it can come down to 1456/1440 level. But it depends on market condition of that time. So right now I am holding buy till 1464.72
Buy Price: 1460.96
SL: 1458.76 (Once Price move to...
Scenario 1: If US-China deal decision delay
- In this case Scenario 1 will happen. So Gold will come down to test around 1457.x level and if it cannot break then it will go up to around 1465.x
- So once it reach to 1457 level I'll take profit or make SL to break even depends on the US China Trade deal news
Scenario 2: Any positive progress on Trade deal
- In...
I am expecting Gold to go down now based on the chart I've drawn -
TP1: 1488.54
TP2: 1485.07
TP3: 1479.43 (risky but you can take a chance)
(After TP1 Hit you can close the trade or wait for TP2 to hit or TP3 hit)
Timeline valid: End of this week
Fundamental Reasons:
- Gold failed to go up even after US rate cut and Bad US data.
Other Reasons:
- Lots of people...
Valid for Today Only (17 May 2019 Europe and US Session)
Price will hit around 140.50 area to make a false rise and at that point many trader may open a Buy trade and just after that price will rapidly Go down to 139.00 area by today.
