It seems to me gold is flagging. I will try to buy the breakout.
One could start a smaller positionn when 7hrs RSI gets oversold and add to the position if we break out.
The breakout will be confirmed when we have a significant close above the blue trendline.
I highlighted by a green candle. I don't suggest a heavy position entry here as we might test 1215 at the bottom of the channel.
LONG ENTRY : when we have a close above the blue trendline .
One could start a smaller positionn when 7hrs RSI gets oversold and add to the position if we break out.
The breakout will be confirmed when we have a significant close above the blue trendline.
I highlighted by a green candle. I don't suggest a heavy position entry here as we might test 1215 at the bottom of the channel.
LONG ENTRY : when we have a close above the blue trendline .
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I have seen this trick before.
This is typical how banks fleece bears
It looks like a breakdown of the flag and in the last 15 minutes of the hourly candle they turn it up and break it out to the upside.
This is typical how banks fleece bears
It looks like a breakdown of the flag and in the last 15 minutes of the hourly candle they turn it up and break it out to the upside.
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