CMP: 1309
Gold currently in falling wedge, pattern appears to be getting completed soon. Also, in support zone of 1300-1310.
Expecting an upmove to minimum 1325-1330 (can go higher as well).
SL: Recent daily low of 1302
Gold currently in falling wedge, pattern appears to be getting completed soon. Also, in support zone of 1300-1310.
Expecting an upmove to minimum 1325-1330 (can go higher as well).
SL: Recent daily low of 1302
Trade closed: target reached:
Gold Futures target of 1325 is achieved, hence closing the long call. Our SL of 1302 kept us in the trade. Bottoming signs were clear when we took the call, though pattern played differently than I expected from breakout of a falling wedge. Ensuing movement was more of a Saucer Bottom formation.
Though I'm closing the call, trade is still very clearly on the long side, as expected from the bottom saucer formation.
Though I'm closing the call, trade is still very clearly on the long side, as expected from the bottom saucer formation.