This analysis is nice and simple but the potential move under pinning it is that great that it warrants further attention from the trading view community. The long and short of it is this, 1355 has been a major resistance in gold since 2013 with many attempts and consolidations under the level but never a meaningful break which has been maintained for higher prices. Trading is best kept simple and this idea couldn't get any more simple look for a consolidation under 1355 and enter at a break of the level with a tight stop using the low of the break out candle. It could take a few attempts for this to happen but the breaking of a six year range offers such a big swing that you can take paper cut losses all day to catch that big move. We could get all fundamental and talk about interest rates converging with the US weakening the dollar, but why complicate things on a purely technical stand point this type of move happens once a decade. I hope this post has spiked your interest in gold or at least brought it to your attention, as always i could be wrong this is juts my interpretation of the situation. If you have a differing opinion then please leave a comment or message me personally and i would to hear your point of view.
Thank you and happy trading.
Joe
GOLD
Thank you and happy trading.
Joe
GOLD