Hi guys, Here we have another advanced pattern trader's dream! 2 pattern in one chart completing within a 3 point zone! First we have the BAT PATTERN which completes @ 1130.50 for a more conservative approach. Then we have the GARTLEY PATTERN which completes @ 1127.50 for a more aggressive style. Stops go as per usual above the X leg and targets will be the...
After a upward weekly impulse, XAU/EUR is correcting on daily. On hourly chart we can see an impulse upward as a fractal of the daily correction (correction of the correction). There are some fibonacci retracement levels on what could be the daily resistance. Any price action on this level would tell us the direction on medium term. InsideMarket has already...
We've seen a sharp rise from 1086.60 to 1264 followed by a formation of a pennant. Then we've seen a breakout of that pennant and a retracement to the apex of the pennant. If we project the flagpole of the pennant upward, we obtain a minimum measurable target of 1400 for gold. Our SL will be at the low that touched the pennant apex.
With a doubtful outlook on the world economy, people are seeking refuge in gold. I already bought some gold at 972eur, and looking to enlarge my position around 1050-1060.
If the cycle repeats itself... As ECB is expected to continue the monetary easing