-Gold currently trading bearish for the past 4 months. -Structure supports further downward momentum, trend currently trading below the CTL. -Gold is quite sensitive to Economic data especially Fed Talks and inflation data. -Possible Cup and handle formation brewing (Early Stages).
Long entry : Consider this signals only if the trend fails to breakthrough the 1205 Support region (Blue box). -1235 entry, would apply to aggressive traders, with a tight stop loss -1270 entry, post major resistance (Blue box) would apply to more conservative traders.
Short entry : Consider this signal if there is a downward continuation. -Break and close below 1206 (Aggressive entry) -Break and close below 1180 (Conservative entry) -Take profit : 1126 (re-visiting 2016/12/23 low)