Friday, Gold has failed to cross above 1737$ yearly fibonacci strenght level, because of the bears that entered the game when gold touched to 1760$ and also it is a really strong strenght level. But after touching to 1760$, gold drawed a bullish pennant and completed its movement inside of it. With the new week I have got 2 ideas about how it will break above the price. Lets see what happens.
Trade active:
Gold broke the rising trend which is started in may because of the pennant pattern and now it is heading to 1720-1700$ levels. As i predicted 2 possibilities, looks like one of them is failed but still we got 1 more. This trade fails if price goes and closes below1695$ but i don't think so. I will wait for the reversal from 1717-1700 to go 1770$.
