Reached first target level, on its way to the second near 118
Since my last post about GLD, the trend line breakout prediction lead to a huge rally. The importance of the 114-116$ support zone has proved itself.
Since than, I've traded a small harmonic pattern successfully and lately I've traded this Butterfly pattern (shown in the chart) on $XAUUSD.
Not that it has reached first target level. $GLD could be heading towards target 2 and possibly, the end of its pullback - the 116-118$ zone.
In order to do so, $GLD will have to break and close below the 200 SMA line, which acts as support. If it will, 118$ will be the first target level and below it 116$.
Since than, I've traded a small harmonic pattern successfully and lately I've traded this Butterfly pattern (shown in the chart) on $XAUUSD.
Not that it has reached first target level. $GLD could be heading towards target 2 and possibly, the end of its pullback - the 116-118$ zone.
In order to do so, $GLD will have to break and close below the 200 SMA line, which acts as support. If it will, 118$ will be the first target level and below it 116$.
