500+ pips opportunity on both sides
Be advised that Gold has opportunity for both sides in the current scenario if supple area breaks I cannot think of a reason why it should not just hit 2060 since it is the only historically proven consecutive supply zone if the current resistance area between ~2000-2010 breaks.
For a bearish scenario, please wait for that yellow trendline to break, it is the trend definer with common points between the most prominent previous lows at 1810 and 1932. Therefore, should that line break I cannot think of any level other than 1932 itself.
Considering the current scenario, we got 500+ pips swing opportunity on both sides, all we have to do is demonstrate our share of patience and wait for the perfect entry.
My personal bias: Since The Federal Reserve is considerably dovish as we approach the end of the year I have less reason expect a bearish reversal at this point! Therefore, bulls might keep stealing the show from the end of the year to mid January approximately. Upside targets includes the range between 2060 (historical supply area) and 2092 (a mathematical target of the wave extension).
Best of luck and happy trading gold :-)
For a bearish scenario, please wait for that yellow trendline to break, it is the trend definer with common points between the most prominent previous lows at 1810 and 1932. Therefore, should that line break I cannot think of any level other than 1932 itself.
Considering the current scenario, we got 500+ pips swing opportunity on both sides, all we have to do is demonstrate our share of patience and wait for the perfect entry.
My personal bias: Since The Federal Reserve is considerably dovish as we approach the end of the year I have less reason expect a bearish reversal at this point! Therefore, bulls might keep stealing the show from the end of the year to mid January approximately. Upside targets includes the range between 2060 (historical supply area) and 2092 (a mathematical target of the wave extension).
Best of luck and happy trading gold :-)
Trade closed manually:
Alright folks, lets not rely on 2060 too much at this point, taking profit at 2042