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FTE1995
Jun 21, 2018 3:26 AM

GOLD 15 minute Falling Wedge? Long

TVC:GOLD30
GOLD (US$/OZ)TVC

Description

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TECHNICALS:

Reason 1:
- Possible falling wedge forming on the 15/30/60 minute charts
- 2 touches/rejections of upper trendline
- Currently 2 touches however 3rd touch/rejection of lower trendline is occuring as I write this.

Reason 2:
- Bullish RSI divergence 4h/1h/30min/15min charts

Reason 3:
- 3rd touch/rejection of lower trend-line coincides with lower bollinger band limit on 15 minute charts.

FUNDAMENTALS:

- US/China trade war possible escalation, alot of fear surrounding this.

- EU have hit back at the USA with billions in tariffs, set to be launched on Friday 22/06/2018

Appreciate any thoughts, comments. Constructive criticism only please! thanks for reading,

James

Comment

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price finding support at 1262

Trade active

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Trade open.

-Entry @ 1262.54

-SL @ 1259 (below 1260 support level + psychological whole number)

Comment

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Bullish engulfing candlestick just formed, hopefully another move up

Comment

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- Another bullish engulfing candle now seen on 1h chart after close at 12am
Trend AnalysisChart PatternsTechnical Indicators
Comments
CAPTAIND33
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alaways well explained i hopeing to be a long on this to 1270 hold is what i would like to see then 1280
FTE1995
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@CAPTAIND33, Thanks Captain, sounds good. Ill probably start taking bits of profit as price hopefully continues up. Good luck!
sunteen
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Hello.
Great Analysis, Could you advice the profit target please.
Thanks.
FTE1995
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@sunteen, Hi Sunteen,

Thanks for the comment, at the moment I am in this trade for the long run, I am expecting price to reach at least ~$1350.
This price is the resistance area seen in a large ascending triangle pattern on the daily chart.
sunteen
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@JamesEvison, Great, Thank you very much James for replay.
FTE1995
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@sunteen, your welcome :)
rameezcfa
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@JamesEvison, amazing stuff. I agree
FTE1995
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@rameezcfa, thanks! :)
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