Seems like Gold has revisited the previous downtrend line and has seen strong rejection and a push up.
I entered at 1699. Feel free to enter close to my entry.
Please use appropriate risk management.
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Watch for rejection in the blue rectangle (50%-61.8% fib) and place stop loss below the rejection wick.
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Here we see an idea for a SHORT trade position.
Previous 4h candles have shown strong rejections.
Head and Shoulders pattern has formed on the smaller time frames and a retest has been compeleted with confirmation.
Good luck to everyone who enters this trade! :)
I will keep you guys updated if anything changes.
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Gold is currently in a bear flag within the bull flag on the daily and weekly chart.
Gold has rejected the top edge of the bull flag several times and once again.
We are looking to break the bear flag first before we look to break the bull flag.
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Head and Shoulders pattern formed on the 1hr timeframe at a key level.
Previous daily candle is a doji - showing indecision - possible reversal to downside. (Snapshot below)
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Retest of trendline complete and overall bearish bias. I entered at 1466 and have a tight stop loss at 1468.
TP is at 1447 but feel free to take profits at any time.
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Looking to retest the 1476 area. Gold has been dropping over $10 each time bears take control after each zone has been tested.
TP 1: 1488
TP 2: 1480
TP 3: 1476
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After a retest at the support/resistance at around 1495 - If the price is successful in breaking through we should be seeing 1505.
We should enter after clear confirmation indicating upwards.
Looking to enter at 1497 if price behaves nicely.
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On the daily chart: Gold has formed a double top pattern and could possibly form a head and shoulders pattern.
On the weekly chart: Gold has a shooting star. Indicating trend reversal. This week has tested the resistance level and followed through with the trend reversal.
We should be seeing a break of 1500 and 1490.
TP 1: 1500
TP 2: 1490
TP 3: 1480