long gold at 1275

long gold at 1275,
SL @ 1270
TP @ 1278
time frame : scalp , day trade


Looking at the longer timeframe, gold has been supported by an upwards rising channel since end of nov . this can be easily detected by the looking at the 4 hour timeframe
zooming closer to shorter timeframe such as 5 min or 15 min. you will see a very clear rising slope with a clear ABCD pattern at the 15 min time frame

Gold dropped from 1278 to 1274 during the last 2 trading hours of the US stock markets on 27 dec due to better than expected christmas spending reports sending NASDAQ,DOW and S&P sky rocketing through the roof.
This assurance of US indices sent gold dropping to a mere 1274. Despite the DOW gaining 800 points in a 2 hours, gold low pricing of 1274 is still a higher cyclical low on the 5 min and 15 min charts.

all the above reasons led us to believe that the next ABCD continuation cycle will send gold to at least 1278 for a quick scalp or half day trade.

Regards,
May the trading greens be with you

Trade closed: target reached:

Target Reached: Closed at 1278.
Profit: +2.35%