Two Major Decisions on GOLD After Successful Head & Shoulders

In this technical analysis I will build upon my successful previous idea where we used a head and shoulders chart pattern to identify a likely short position.

Now we are about halfway that trade, we reached a more difficult position on gold. First, you can review the previous idea here:

Let's walk through the most important points on the gold chart at the moment when you're either in the trade or when you are thinking of entering a new one soon. Overall you need to try to find a place that is relatively low to enter your longs or exit your shorts. We use technical indicators and chart patterns to identify those. Right now I suggest one of two options to identify such a temporary low price.

The horizontal support zone:
Option 1. This could be a place of potential reversal. Exit your shorts and enter your longs here

The parallel channel:
Option 2. Look at the bottom trend line as a place of potential reversal. Exit your shorts and enter your longs here as well.


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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!