Round two - Gold is forming a double bottom on the $1,306 resistance after failing to follow through on last weeks rise. Coupled with EUR/USD reversing, this is a strong bullish sign for gold. Today looks like a possible PIN bar off resistance after yesterdays whip. On the 4 hour, the double bottom is clearly visible and the previous down trend channel is clearly breached. Add to this that gold has been flat to up during a period of USD strength which is also a bullish sign. If gold crosses $1,300 this idea in invalidated.
New long entry - $1,306.70
Short term target - $1,320
Long term target - $1,360
New long entry - $1,306.70
Short term target - $1,320
Long term target - $1,360
Comment:
Great acceleration today with the USD weakening. Did not quite challenge key resistance if $1,320 but did form a bullish pinbar on the daily chart. The next 2days will be critical if the bulls are going to take control and knock out the bear stops that are probably sitting right above $1,320. This idea remains valid as long as $1,306 support holds.
Comment:
Gold held its gains overnight. Shallow test of soft support at $1,311 but returned to highs of range. USD weakened overnight againstt CAD and EUR. Bullish across the board. The bottom is in, $1,306 is the ICL. Today is the launch date so hang on tight we are going to take out $1,320 and not look back.
Trade closed: target reached:
Closed out at 1.21, not going to reach my second target. I think there is another test of the $1,306 low on deck. I will reload again when it bottoms out again ($1,311 or $1,306 or $1,295 or beyond?)
Comment:
Closing chart
