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OmiFX8
Nov 5, 2021 6:53 PM

Gold: Big gains likely above $1,835 Long

GOLD (US$/OZ)TVC

Description

Gold's weekly chart shows:

Double bottom at 38.2% Fib retracement marks an end of correction from the record high of $2,075.

RSI about to breakout from a triangle pattern.

A convincing move above the immediate resistance at $1,834 (Aug. high) would validate the above mentioned bullish developments, opening the doors for a re-test of $2,075.

A move under the weekly low of $1,758 would negate the bullish bias.
Comments
umair123shsbs
sir should i close my selling orders then ?
OmiFX8
@umair123shsbs, I would close shorts if it closes above $1,835
umair123shsbs
@OmiFX8, so i should close selling orders now?
Gunkginkz
@umair123shsbs I wait until it goes nearly 1835 to see what direction it be. Then, if it up I will cut loss at that point or set SL 1835. I think it will go down first, may be 1810 should close.
umair123shsbs
please guide me
umair123shsbs
iam running in 200$ loss
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