All of this depends on the small bullish trend lines getting broken around that gartley (pink shape) and price closing below the yellow zone. The institutions are build positions around that yellow zone i believe, you can see all of price zig zagging around it, this zone will play a big part in the coming days for gold.
The dollar looks like it will be getting stronger the next day or so which also coincides with this idea.
i will be watching price closely around these bullish trendlines, because it's looking like they might hold up right now,
The most important thing for me is how price looks as/if it approaches the entry line, I want to see it losing steam as it approaches, no getting stronger.
Keep in mind that this is an auction market and we have not found the highest bidder yet, those two highs to the left were pretty even. For that reason I'm bullish.
If you do hit the take profit, I will be watching closely as a false breakout make occur and we may get a drop to 1340 ish.
But we need those dang trendlines to BREAK first lol.
Enjoy
The dollar looks like it will be getting stronger the next day or so which also coincides with this idea.
i will be watching price closely around these bullish trendlines, because it's looking like they might hold up right now,
The most important thing for me is how price looks as/if it approaches the entry line, I want to see it losing steam as it approaches, no getting stronger.
Keep in mind that this is an auction market and we have not found the highest bidder yet, those two highs to the left were pretty even. For that reason I'm bullish.
If you do hit the take profit, I will be watching closely as a false breakout make occur and we may get a drop to 1340 ish.
But we need those dang trendlines to BREAK first lol.
Enjoy