Hey guys, this is what I think about Gold for the upcoming week.
We have been on a 3 month uptrend now, but take note that the daily chart is still on a downtrend.
1280 is the higher boundary price of this channel which I mapped out.
Pattern identification
I identified a ABCD pattern completing around 1280.
This is a bearish pattern where sellers are likely to come upon pattern completion.
Trade Execution
There must be a false breakout around 1280 for me to initiate my sell order.
This is a critical level and I will not short Gold unless this level is tested.
SL will go just above the high of the false breakout (If it happens), or around 1320.
TP will be around 1040 where the Bullish shark on the weekly chart completes.
When will this trade idea be invalidated?
A huge breakout above 1320 will invalidate this pattern, where it will be considered a real breakout and we expect Gold to go much higher.
We have been on a 3 month uptrend now, but take note that the daily chart is still on a downtrend.
1280 is the higher boundary price of this channel which I mapped out.
Pattern identification
I identified a ABCD pattern completing around 1280.
This is a bearish pattern where sellers are likely to come upon pattern completion.
Trade Execution
There must be a false breakout around 1280 for me to initiate my sell order.
This is a critical level and I will not short Gold unless this level is tested.
SL will go just above the high of the false breakout (If it happens), or around 1320.
TP will be around 1040 where the Bullish shark on the weekly chart completes.
When will this trade idea be invalidated?
A huge breakout above 1320 will invalidate this pattern, where it will be considered a real breakout and we expect Gold to go much higher.
