Is this a bull flag?
1st scenario:The low of 1142 is the flag pole which we will use as our next measure move should it materialise.
Measured move currently is 1224 - 1142 = 82 points.
2nd scenario: After it hit 1224, price retraced 50% and bounced off support at 1183
3rd scenario: The flag is tilting at an approx angle of 45
Having completed all the above checklist, we will not rule out that gold could breakout and resume higher by at least 82 points.
Game Plan: Buy on breakout at 1214 stop at 1194 (risk is 20). Target is 1244 to raise stop to break even but main target is 1294 (which will fit in with the long term downtrend line).
Risky Traders: Buy in the flag with stop at 1173. Target remain the same.
1st scenario:The low of 1142 is the flag pole which we will use as our next measure move should it materialise.
Measured move currently is 1224 - 1142 = 82 points.
2nd scenario: After it hit 1224, price retraced 50% and bounced off support at 1183
3rd scenario: The flag is tilting at an approx angle of 45
Having completed all the above checklist, we will not rule out that gold could breakout and resume higher by at least 82 points.
Game Plan: Buy on breakout at 1214 stop at 1194 (risk is 20). Target is 1244 to raise stop to break even but main target is 1294 (which will fit in with the long term downtrend line).
Risky Traders: Buy in the flag with stop at 1173. Target remain the same.