botje11

Gold potential double bottom, Part 2

TVC:GOLD   CFDs on Gold (US$ / OZ)
Previous analysis we caught the low of this big correction. So far looking almost perfect. We bounced up very nicely from the bottom and we are up 15/20 points already. The double bottom neckline has just been broken as well. Still below that resistance line, but it should break this week. From now on i want to see it stay above the 1281/3. A drop below that level would endanger the whole plan. Ideally we stay above the 1284/5 even.

Yesterday i gave an update in my public channels at 1283/4:

For the ones who entered the gold trade, up 15 points now, you can increase and put stop around 1276 (or around average entry). We might be doing part 2 of the double bottom now

I would usually do 2 stops with a trade like this, like now around 1282 and one around 1276. To have it all around break even in case it fails. If the plan does succeed, it can become an amazing trade if we can reach the 1310 target. Now on the right we can see what looks like a bullish wedge or maybe a big bull flag . That one shows even more potential. But one step at a time



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Previous analysis:
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