Since the gold break above 1300, the price has rallied between 400 to 500 pips.
And in the midst of it, a bat pattern is also about to be completed.
The price is now retracing just below the 9-month supply zone and the price is believed to climb again and test the supply zone again.
The whole process will allow the price to range for days and even weeks before the next BIG movement occurs.
As of now, the price is likely to test a demand zone between 1310 and 1307 to find support.
Wait for confirmation of support (2nd retest) and we can go for an intraday long.
I will probably post a separate chart for the intraday trade.
And in the midst of it, a bat pattern is also about to be completed.
The price is now retracing just below the 9-month supply zone and the price is believed to climb again and test the supply zone again.
The whole process will allow the price to range for days and even weeks before the next BIG movement occurs.
As of now, the price is likely to test a demand zone between 1310 and 1307 to find support.
Wait for confirmation of support (2nd retest) and we can go for an intraday long.
I will probably post a separate chart for the intraday trade.
Comment:
If you are waiting to long gold, now's the time.
