Hello Traders,
Daily chart is showing strong bullish divergence and the price action already has started last Friday. I would assume the continuation of this reversal. Even though I don't think we will break the ascending triangle in the next try, it also seems improbable that we will be seeing the Gold prices this low in short-midterm.
Here is the weekly chart:
The breakout from the ascending triangle downwards seems sofar to be a fake breakout because the volume is not confirming the price action.
I buy physical gold for long term and don't have any stop losses for my trade but if you are trading ETF, I'd set 114 as stop loss and sell around 130 if breakout doesn't work.
Happy trading!
Daily chart is showing strong bullish divergence and the price action already has started last Friday. I would assume the continuation of this reversal. Even though I don't think we will break the ascending triangle in the next try, it also seems improbable that we will be seeing the Gold prices this low in short-midterm.
Here is the weekly chart:
I buy physical gold for long term and don't have any stop losses for my trade but if you are trading ETF, I'd set 114 as stop loss and sell around 130 if breakout doesn't work.
Happy trading!