GOLD Setting up for a New Wave up? Part 2

The Gold fractal is still in full play and there is a good chance we might break upwards and start to break the high from a few weeks ago. The long positions is still in play and increased last week when we broke that triangle around 1215/1218. Now i am going to sit and wait to see what will happen next. I will increase this position even more but i might wait until we see a break of the 1240 first and some confirmation.

Stops are at both entries, i am risking my profit here because i still think it's worth it and so far the triangle is in full play.



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For more info read the previous analysis:

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Looks like it is preparing for another move up. I would not focus too much on that blue trend line, because i am not sure if it's a valid one.

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There is a lot of resistance around this level. So just in case the fractal fails i will move the stop for half my pos to that red box. To ensure at least some profit. If Gold is able to break up this or next weak, we could see a good rally happening, but so far a lot of resistance here.

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There is a potential for an H&S here. So i am going to use that as a stop, still the same as the red zone from the previous update

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But when looking at the rally, it could fail and just move up again. A break of 1226 would be a first step for that

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There is still a lot of resistance at the 1225/1230 zone. The neckline of the H&S is still holding so far, but it could still work out. So i am still going to use the stop as mentioned above. Would still mean a nice profit, even though the goal is a longer term, bigger swing trade.

On the left we can see a possible bear flag, the current movement, which could become a lower high would confirm it. So if this H&S plays out, it will probably be a bear flag AND the fractal i showed will also probably fail as well.

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Stop hit, still a nice profit but now i am just going to wait and see. Target of this H&S is around 1210. If i see some support there, i will probably try to go long again. If we break that, we might see that bearish version play out.

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