As Gold is approaching the tip of its longer term wedge, I'm anticipating a break to the upside.
During FOMC last week, it bounced off its support trendline and it's 62 fib, forming what could be the head of an inverse head and shoulders on the H4 timeframe.
I'm anticipating a break above the neckline and taking small buys. Will be adding more once we confirm a retest of it.
Planning to take some profit off the table once it hits resistance around 1850, while planning to hold some through a breakout higher if we see it. Stops spread out with some below the low today and some below the right shoulder.
GLTA
During FOMC last week, it bounced off its support trendline and it's 62 fib, forming what could be the head of an inverse head and shoulders on the H4 timeframe.
I'm anticipating a break above the neckline and taking small buys. Will be adding more once we confirm a retest of it.
Planning to take some profit off the table once it hits resistance around 1850, while planning to hold some through a breakout higher if we see it. Stops spread out with some below the low today and some below the right shoulder.
GLTA