Trading-Guru

Two Major Decisions on GOLD After Successful Head & Shoulders

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
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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- Trading Guru

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

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Comments

I will be posting more of these regularly, so follow me to find out about great trading opportunities
+2 Reply
I would also like to remind you that I make all of this available completely for free. If you like my work, you can help me out greatly by giving me a thumbs up on this idea
+2 Reply
How would you have charted this? Feel free to post a link to your own idea here as well
+1 Reply
Excellent. Thank you
Reply
best analysis so far
Reply
Thank you
Reply
very good job Trading-Guru.
Reply
Good job!
Reply
I’m curious to hear your thoughts! Let’s make use of the fantastic tradingview community and give each other feedback.
Reply
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