paulbit

Gold Bear Pennant

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold use seems to be making a Bear pennant on the 1 hr chart .
Currently finding support at the 1 hr 200 ma and the 382 fib level and resistance at the 20 ma .
If indexes rally on us open and we break down the target would be Each lower fib level and eventually the pennant pole target around 1480 .
Quite a low risk reward trade as MA,s are so close with SL placed either side of 20 and 200 MA,s long or short .
Personally expecting higher in indexes and lower in gold .
Thoughts / Feedback welcome

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