Good day and night, All!
The gold is approaching the previous major resistance area around 129x/130x and is forming the new bearish wave. If the resistance withstands this 3rd breakthrough attempt again, it can become a very attractive opportunity for shorts to be opened. If successful, most likely this will happen in next few days after the peak formation around point V.
Good luck and profitable trading week!
The gold is approaching the previous major resistance area around 129x/130x and is forming the new bearish wave. If the resistance withstands this 3rd breakthrough attempt again, it can become a very attractive opportunity for shorts to be opened. If successful, most likely this will happen in next few days after the peak formation around point V.
Good luck and profitable trading week!
Trade active:
The price tested line I-III-V and retraced back to the body of the pattern.
Point V of the wave was formed successfully after two consequent breakthrough attempts.
3 positions were opened during the first attempt and closed later (1295 -> 1300) as the situation appeared to be really uncertain at the time due to high volatility.
However, the bulls faced strong resistance supported by heavy volume.
10 lots were re-opened at 1297/99 and kept getting closed throughout the day with only 2 remaining now - will try to keep them until the cross of line II-IV, SL is set to breakeven.
After the bell, gold settled below the opening price at the start of this trading session producing bearish candles both on Daily and Weekly charts.
Point V of the wave was formed successfully after two consequent breakthrough attempts.
3 positions were opened during the first attempt and closed later (1295 -> 1300) as the situation appeared to be really uncertain at the time due to high volatility.
However, the bulls faced strong resistance supported by heavy volume.
10 lots were re-opened at 1297/99 and kept getting closed throughout the day with only 2 remaining now - will try to keep them until the cross of line II-IV, SL is set to breakeven.
After the bell, gold settled below the opening price at the start of this trading session producing bearish candles both on Daily and Weekly charts.
Trade closed manually:
After getting as low as 1275.xx, gold reversed sharply.
Once 1-3-5 was broken, the resistance became support and the price continued its move to the North along with the growing volume.
Even though the major pattern is technically not broken, caution is highly advised as the situation is uncertain and the situation can develop as a bullish paradise .. or a bullish trap.
Previously, 1 more lot was closed at 1286.11 and the last one got hit by SL at breakeven point.
Once 1-3-5 was broken, the resistance became support and the price continued its move to the North along with the growing volume.
Even though the major pattern is technically not broken, caution is highly advised as the situation is uncertain and the situation can develop as a bullish paradise .. or a bullish trap.
Previously, 1 more lot was closed at 1286.11 and the last one got hit by SL at breakeven point.
