dlifestyletrader
Long

Gold: AB=CD Pattern, Awaiting 2nd Wave of Bullish Trend

FX:XAUUSD   Gold Spot / U.S. Dollar
The gold has retraced through the week after the 1st bullish trend has completed from 1273 to 1287.
The retracement has formed an AB=CD pattern and the price is slowly breaking away from the bearish structure as seen in H1 chart.
The candle bodies have shrunk as it fell towards point D of ABCD pattern which is a sign of weakening sellers.
It is a good time to consider buying the gold now with a stop loss around 1271.
Comment: Completed one full wave of bullish trend.
Consider taking partial profit.
Comment: Entering the supply zone very soon.
Consider taking partial profit again.
Trade closed: target reached
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