I have been keeping my eye on gold for a while now and I suspect that we will see a Retracement coming next week. The Counter Trend Line has been respected for more than two weeks now so it's just a matter of time before we will see a break of the Neckline.
Remember, Patience is Key!
Even though there was a break of the Neckline Price didn't declined much further. I’m still patiently waiting... In profit ;-)
Trade is still active. I hope we will see a further decline this week. In the image below I drew the channel price is currently in.
Last Friday we saw a break out of the channel as seen in the image above. I will wait till the close of today if Price closes outside the channel. If so I will close my trade.
Because I use the Weiss trading strategy I slightly altered my channel. See image below. From this point forward Price has to make a Lower Low, if not I will close my trade. Or if Price closes outside the channel.
Price have reached the next level of S/R! Still holding on...
Price is heading to my Target Point <3
I am thinking about taking my profits. Price is ranging and Momentum is turning up.
Trade closed manually:
Closed my trade yesterday, because Momentum shifted back up. Made some nice profits and will open this again if the overall Down Trend keeps intact.