Possible Cypher Pattern (GOLD/USD)
Gold is developing a very nice cypher pattern in a daily chart. Currently Gold is trading at 1270.85 and RSI of 35.15 level (almost oversold), should Gold continue to weaken to the range of 1238 and 1200 (at this level the RSI is likely to be at around 30 - Oversold), the cypher pattern will be completed and giving us a very nice high probability trading opportunity
I will wait for confirmation before i place my trade, such as double bottom with bullish divergence on the RSI to minimize my risk. The stop loss will be below "X" and target and my target is at 1335
I will wait for confirmation before i place my trade, such as double bottom with bullish divergence on the RSI to minimize my risk. The stop loss will be below "X" and target and my target is at 1335
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