A_Joe
Long

Gold Failure Test at Weekly Demand Zone

FX:XAUUSD   Gold/U.S. Dollar
43 0 1

  • - Gold             is currently in a Ranging Environment for a Period of Year ( Expect Range Expansion after a Period of Volatility Contraction ( Break on Either Side can be Expected especially Down within a context of Downtrend)

    - Since A False Breakout of Weekly Descending Triangle in a Downtrend at 1192 - 1156 Demand Zone Supports a Long

    - A Decisive Break above 1223 ( Lowest Swing High on 4Hr TImeframe confirms Break of Lower High Lower Low Pattern & sets up a Long Trade).

    - Longs in anticipation of Higher Low on / or confirmation of Daily Closing above 1223 can be envisaged with a Stop below 1177.

    - The limitations are Downtrend, Weak & Tested Demand Zone, descending Triangle Pattern on Weekly (Suggesting Premature Breakdown) But Higher prices can over turn all the limitations
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