Gold has a clear head and shoulders pattern on the 1 and 4 hour time frame. It appears that the left shoulder zone @ 1775 area has been broken so I will be looking for a retest which it looks like its doing right now. I think we will be seeing a large impulse candle to the upside out of this consolidation/retest stage that Gold is in. It's also at a clean 50% retrace which is also my ideal buy zone right in the green box zone. Will have my SL below this consolidation that its in and my TP will be sent at the previous high. I'm fairly new to trading so please any advice is welcome!
Comment:
XAUUSD has done exactly what I predicted it to do. Had a bullish shooting star which would of been a perfect entry but none the less a great trade setup. Big impulse move up after the consolidation period, just what I was looking for. Currently floating in 110+ pips in profit. Thank you!