Yesterday gold price went up dramatically again due to bad performance of global stock market and depreciation of DXY. From the chart we can see that "A" and "B" are very similar ascending flag patterns after huge increase of the price. This time the price is very likely to form another flag with area fluctuation trading opportunities between 1230 and 1240.
1. Aggressive traders may enter long position right now and try to take profit at around 1238 - 1240
2. Wait until the price bounces back up to around 1238-1240 to take short position, take profit at around 1230
3. Just in case price goes south, if 1230 support doesn't hold, may take short position to 1225 - 1220 region.
1. Aggressive traders may enter long position right now and try to take profit at around 1238 - 1240
2. Wait until the price bounces back up to around 1238-1240 to take short position, take profit at around 1230
3. Just in case price goes south, if 1230 support doesn't hold, may take short position to 1225 - 1220 region.