Gold is trading in a triangular pattern at the moment and seems bouncing lower from a resistance level of the upper band. The trigger now is FOMC meeting and rate decission. Shorting gold for relatively quick trade.
It seems that Gold has just completed or is propagating in the Wave 4 of a larger degree up move.
The strategy from a positional perspective is to Buy on Dips and very huge upside still remains.
I will update further as the market progresses.
Sell below 1200.00. Stop loss at 1246.00. Take profit at 1040.00.
Reason for the trading strategy:
We remain bearish looking to sell on strength at 1200 resistance (Fibonacci retracement, horizontal pullback resistance) for a further drop to 1040 support (Fibonacci retracement, major horizontal pullback support, recent swing low support).
RSI (34) is seeing...
Our previous signal outlined this trade setup, Gold has just broken out as predicted so now our trade is in play towards the major resistance at TP 1.
At TP 1 we can reassess the next play.
Hello all.
Forex basics says that if we are in a uptrend and you have a correction with no new lower low then is a good time to buy, lets see if this idea works. Trade with a SL just below yesterday low.
