On Friday Gold reached the area between 1353-1357. There we have a major confluence of three trendlines. (1) Rising Wedge trendline (2) Potential trendline of parallel channel (3) Old trendline dating back to august 2013
There is no doubt sentiment has gotten very bullish, especially with the run in early asia trading friday morning. CoT is indicating, that it is at least time for a pullback. The market is stretched crashing weekly and daily bollinger bands. (+140$ in two month) Reversal candle on friday
As of now the anticipated rocket launch of North Korea did not take place, the US however is calling for a UN vote on further sanctions on monday.
All good reasons for me to be short. One could of course wait till the wedge is broken, to give have clear confirmation.
Targets: (1) 1321 (2) 1300 (3) 1283
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One could even draw this green one too. So there is a lot coming together in this area imo.
Hey , can you show me the longer term chart you are getting those trendlines from ? I have similar trendlines but there is room for interpretation where exactly they are .
AnRuaN
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@Poka.star91, Hey, updated the idea. For the longer term trendline I took the high made in August 2013 and connected it to the one in July 2016. I know some have taken the highs from March 2014 with July 2016, which gives a slightly higher trendline ~1368. The yellow trendline is just the duplicated uptrendline since the lows in Dec 2016, if one would anticipate a parallel channel forming.