Gold just bumped the 50% fib level which apparently a major resistance level. I'm looking for a short position with initial take profit @ 61.8% fib level.
Coming off from a bearish AB=CD pattern, Crude Oil is probably now zigzagging along a Wedge pattern. With price just bounced off the 78.6% fib and RSI above 30, I am looking for a long position with target price just below the channel's ceiling if it breaks the ceiling I will hold long playing the triple bottom pattern with target just below the previous high.
Expecting a breakout off this rising wedge come Japan CPI data. Will enter short just below 78.6% fib level and take my initial profit at 61.8% then close my position at the next support level which happens to be 50% fib.
Expecting a breakout off this pattern come Japan CPI data. Will go short and take my initial profit at 61.8% fib then close all my position at the next support level.
The daily chart shows a symmetrical triangle coming from double bottom pattern. I am waiting for long position with a target price of 669.81 at the immediate resistance level.
Looking at the weekly chart we can see what Gold has been doing on a plain and simple pattern. Although it is now on a triangle pattern coming from a downtrend we should keep in mind that the price is just sitting on a critical level which was the previous support highlighted with yellow box. Can this be a potential continuation of a downtrend or will support hold...
Looks like Gold is on a descending channel shown on 30m chart. I'm hoping it'll bounce at 61.8% or at 78.6% and buy long at the breakout above the channel.
The hourly chart shows that another potential bearish flag pattern is emerging. My take is to take short at the breakout with a target price at 1280 levels.
