To me Gold is a bit tricky at the moment and one should just be very careful of being caught at the wrong side. From January of this year we see Gold consolidating in a confined falling channel. Channels like this tends to be broken to the top side, but we shouldn't quickly assume that will happen at this very time, anything can happen in the market.
So my focus for now will be on two things: if this channel gets respected again, I must see a very strong bearish reaction and confirmation first, if that happens price should fall back and to around 1660 Without any confirmation to sell then it will be more likely that Gold breaks to the top of the channel (drawn in grey trendlines). Only above that channel will I look for confirmation that price will rise to 1880 and that would be a very good opportunity as RR will be much greater.
Good Luck everyone, feel free to check out my previous prediction on Gold!
So my focus for now will be on two things: if this channel gets respected again, I must see a very strong bearish reaction and confirmation first, if that happens price should fall back and to around 1660 Without any confirmation to sell then it will be more likely that Gold breaks to the top of the channel (drawn in grey trendlines). Only above that channel will I look for confirmation that price will rise to 1880 and that would be a very good opportunity as RR will be much greater.
Good Luck everyone, feel free to check out my previous prediction on Gold!
