The instrument is currently moving up and down between key levels 1 and 3 and currently showing its 3rd repetitive bullish circle pattern. Below are my thoughts on how to trade such uncertain moves.
Follow the patterns !
1. The price is currently on its 3rd bullish repetitive pattern and approaching key level 2. Break above this level will give the buying opportunity with low risk. However I believe the best place to buy GOLD with very low risk is if the price will break above key level 1. When this happens the range between key level 1 and 3 will be completed and clearly the global long bullish trend will then be continued.
2. If the price fails to break above key level 1 or 2, this will give a short term selling opportunity after the price breaks below the trend line on the 3rd repetitive pattern highlighted in blue. This has happened on 2 previous repetitive patterns highlighted in blue after the price is rejected by the key level.
Conclusion : Follow the patterns ! Wait for opportunities to trade at low risk next to key levels. Please do your own analysis before placing any trades.
Follow the patterns !
1. The price is currently on its 3rd bullish repetitive pattern and approaching key level 2. Break above this level will give the buying opportunity with low risk. However I believe the best place to buy GOLD with very low risk is if the price will break above key level 1. When this happens the range between key level 1 and 3 will be completed and clearly the global long bullish trend will then be continued.
2. If the price fails to break above key level 1 or 2, this will give a short term selling opportunity after the price breaks below the trend line on the 3rd repetitive pattern highlighted in blue. This has happened on 2 previous repetitive patterns highlighted in blue after the price is rejected by the key level.
Conclusion : Follow the patterns ! Wait for opportunities to trade at low risk next to key levels. Please do your own analysis before placing any trades.