$GLD's weekly bullish reached far above the target levels I had for previous bullish setup. Although I was extremely bullish Gold, I didn't expect the strength of the move we've seen in Gold during February so far.
What I'm looking for now is a pullback that will allow another bullish entry from lower price levels.
The Cypher pattern completion zone near 120$ is an interesting pattern to focus on during the next two weeks. We've already seen some bearish reaction last week that generated a bearish Pinbar and an Inside Bar on the last two trading days, but perhaps it's a bit premature to determine that the pullback has started.
The Cypher pattern rules suggest that you should place a stop loss above 126$ and set 113$ and 108$ as potential target zone. The Pinbar pattern, if it will be triggered (price must close below the Pinbar's low), allows to place tighter stop loss – above 122$.
I assume that such strong bullish move, as seen on $GLD, will not end with a single peak. Perhaps a re-test of 120$, or even a spike above it that will create False Break to Thursday's highs, will provide a better technical reason to trade the potential pullback in Gold.
Tomer, The MarketZone
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What I'm looking for now is a pullback that will allow another bullish entry from lower price levels.
The Cypher pattern completion zone near 120$ is an interesting pattern to focus on during the next two weeks. We've already seen some bearish reaction last week that generated a bearish Pinbar and an Inside Bar on the last two trading days, but perhaps it's a bit premature to determine that the pullback has started.
The Cypher pattern rules suggest that you should place a stop loss above 126$ and set 113$ and 108$ as potential target zone. The Pinbar pattern, if it will be triggered (price must close below the Pinbar's low), allows to place tighter stop loss – above 122$.
I assume that such strong bullish move, as seen on $GLD, will not end with a single peak. Perhaps a re-test of 120$, or even a spike above it that will create False Break to Thursday's highs, will provide a better technical reason to trade the potential pullback in Gold.
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week goo.gl/lzjBAf
To subscribe to the newsletters - goo.gl/HXjCPV
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Comment:
Approaching Target Zone
Comment:
Looking for continuation move this week with double top inside the PRZ
