Consolidation in a daily bearish flag before resuming the trend
Hi,
Last week gold has been traded in a tight range between 1250 and 1262 and it closes at 1251.3 (FXCM's feed is the only one which has a closed at 50). In a range, buy the bottom and sell the top.
So I will looking to add more long position above 1250$ on Gold with a SL at 1244.
Already long at 1246$ (see related ideas below), i will target 1271/72 for early days of the next week.
Gold is maybe forming a bearish flag in a daily downtrend.
There are nice projections / expansions fibo confluence of AB and CD leg targeting this area and a previous strucutre (supply zone) to be retested.
Invaldation : daily close below 46
Last week gold has been traded in a tight range between 1250 and 1262 and it closes at 1251.3 (FXCM's feed is the only one which has a closed at 50). In a range, buy the bottom and sell the top.
So I will looking to add more long position above 1250$ on Gold with a SL at 1244.
Already long at 1246$ (see related ideas below), i will target 1271/72 for early days of the next week.
Gold is maybe forming a bearish flag in a daily downtrend.
There are nice projections / expansions fibo confluence of AB and CD leg targeting this area and a previous strucutre (supply zone) to be retested.
Invaldation : daily close below 46
Trade closed: target reached:
Short 71.2
