Gold consolidates to form a triangle pattern, looks like there is a bullish exaggerated divergence even though the pattern forms a descending triangle, if you look at the chance for weekly movement then the chance for daily if the price moves bullish then the chance it move to the first daily resistance area.
and if bearish then the chance it will move to the second daily support.
Daily Pivot:
R4 1228.61
R3 1218.31
R2 1208.01
R1 1202.23
Pivot 1197.71
S1 1191.93
S2 1187.41
S3 1177.11
S4 1166.81
First option:
-Open long positions when the price breaks up the triangle
-TP1 is a few points above the pivot
-TP2 at the first daily resistance (R1)
-SL can be placed in the first daily support or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks down the triangle
-TP at the second daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
and if bearish then the chance it will move to the second daily support.
Daily Pivot:
R4 1228.61
R3 1218.31
R2 1208.01
R1 1202.23
Pivot 1197.71
S1 1191.93
S2 1187.41
S3 1177.11
S4 1166.81
First option:
-Open long positions when the price breaks up the triangle
-TP1 is a few points above the pivot
-TP2 at the first daily resistance (R1)
-SL can be placed in the first daily support or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks down the triangle
-TP at the second daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
Trade active:
Break low,
Second option:
-Open short positions if the price breaks down the triangle
-TP at the second daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks down the triangle
-TP at the second daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
