It looks like Gold is ready for an upthrust in its consolidation channel. Falling Wedges (in red) typically occur when the faster moving resistance line catches up to the slower moving support line and it causes a big blowout to the upside usually, which we see on the chart. I like to confirm this pattern with the inverse head and shoulders that is also apparent in the last 3 dips inside the falling wedge. ANNNND that we are hitting the bottom side of this beautiful blue channel.. it looks like its pretty safe to go long. so go long 1335-1340, stop at 1320 and targeting 1360++ (green line) GL
Trade attivo:
Got my position at 1333. A little bit premature on the daily action but for the weekly still looking solid!
Commento:
Goes to show the most beautiful charts sometimes don't equal profit. Position was closed out at $1328 after failing it's main uptrend line
Trade chiuso manualmente:
trade closed 1328