GOLD to 1730 or 1687 we will know within 48 hours
Hello all,
Quite the price channel over the past 2 weeks. So many touches... not a speculative channel at all.
Small descending triangle forming. They tend to be bearish but can go either way. Personally I would see less resistance to the price declining than rising. But either way, an upside breakout; target 1730 and a downside breakout target 1687
Downside target is from a 1.618 fib extension, the height of the start of the triangle, and also the lower channel trend-line. So I would call that a convergent target.
That is all for now, goo luck and protect those funds.
Quite the price channel over the past 2 weeks. So many touches... not a speculative channel at all.
Small descending triangle forming. They tend to be bearish but can go either way. Personally I would see less resistance to the price declining than rising. But either way, an upside breakout; target 1730 and a downside breakout target 1687
Downside target is from a 1.618 fib extension, the height of the start of the triangle, and also the lower channel trend-line. So I would call that a convergent target.
That is all for now, goo luck and protect those funds.
Comment:
And here we go...
Comment:
I guess the answer is both... to 1687 then to 1730 :)
Trade closed: target reached