justatrader

Gold, back to the neckline

FX:XAUUSD   Gold/U.S. Dollar
380 0 4
Updating this chart (see attached). Price rallied but failed to meet its objective at 1312             . The rally from the inverted H&S took off without any retracements.

Now that price is back to the neckline, it will be tricky to just enter long at this level of 1232.

Therefore, long positions are considered near 1248 **Provided Gold             doesn't dip too close to 1189**
Target is 1312             , with stops just below the low at the neckline/support.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
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