Hamza-Malik
Short

Gold (xauusd) its time to short

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold is on weekly high we can see on daily time frame range is getting tighter and tighter on 4hr iwi any break and close below the peanut will be a good signal for sell.
as well as RSI is showing divergence
That pattern youv identified is a perfect bullish pennant continuation pattern (look it up online :) ) and the divergence on the RSI is actually hidden bull as last two major higher lows that price formed on the chart, have printed as lower lows on the RSI
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Hamza-Malik JamesEvison
@JamesEvison, your are right about this specific pattern. its continuation a pattern but this is not the only thing we can see for trade as you know we are at key structure level on weekly and daily there would be a great chance we may see a relief before heading bullish and we that is the case I usually would not consider this pattern.
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... and a break and close above would be a good summer rally ;)
Divergence can last few days/weeks and if we rally until the end of July the divergence will be erased.
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@RogerS, Sure if that is the case. For now I am not looking for any long on gold.
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