With USD set to weaken this weak in my opinion as a result of capital flows, caused by the fact there is a lot of USD news, I can see this leading to gold pushing back to 1730/40 to form a inverse head and shoulders on the 4H TF. Although this isn't usually a continuation pattern, in recent history these inverse H&S have formed several times, all being followed by...
Price has been operating within a descending triangle and looks to be about to break out very soon. I favour a move to the downside due to the CAD fundamentally looking bullish as a result of recent oil news and the fact that EURCAD is currently in a downtrend. Take profit is placed at a strong lower level of support (on higher timeframes) with the stop loss just...
Gold is currently trading in a area of previous support/resistance. Will be interesting to see how it interacts with this current level. I see 2 possibilities: 1. A bounce off of this pivot to retest the recent highs of 1700 2. Further retracement to the 0.50 fib level and lower support/resistance around 1550 then a rally up to 1700.
Overall bullish bias trading...
