GA has been moving corrective inside this channel. Taking advantage of this choppy sideways movement with 2 Profit targets in place to lock in profits on the way up. I will be removing 100% of the risk when the 1st take-profit has been reached.
Daily structure reached a Double-Top formation, RSI in overbought conditions. Low Risk, High Reward trade
Entry: 1815.02 SL: 1804.47 TP: 1849.93 Traders are about to get caught on the wrong side of the market on this last rally up to $1850-1860 before a short correction. You will notice on the weekly chart 'support' has been broken and we have corrected above this. Stay tuned for a lovely short position that we have been planning for a couple of weeks on Gold.
Stop-Loss: $39.69 Take-Profit: $42.99 On the larger Daily structure we have had a clear 4 Hour wick rejection. on the smaller structure we are clearly creating Triangle continuation structure allowing for a 2:1 risk/reward set-up.
Very similar to our GBP/JPY analysis (Ironically on the charts even the candles are identical).. Again on Friday before close of markets we saw that last squeeze to the downside and a recovery early market open. I am expecting price to break the Descending-Wedge structure, a reversal structure within the next 48 hours.