GOLD is overall bearish trading inside the orange channel so we will be looking for Trend-Following sell setups as it approaches the upper orange trendline.
The highlighted purple circle is a strong area to look for sell setups as it is the intersection of the orange trendline, green resistance, and brown trendline retest. What I call "TRIO RETEST"
As per my trading style: As GOLD approaches the purple circles, I will be looking for reversal sell setups on lower timeframes (like a double top pattern, trendline break, and so on...)
Unless the bulls break above the green zone again, then we will be looking for buy setups on its retest.
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
Luigy, this must go up !!! i bought 3 kg. Not even joke it drops. I will not welcome you if it goes to South . ;)
TheSignalyst
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@PedroRolles, I also bought gold around the blue zone. I am a gold holder just like you haha.
from a long-term perspective, we are bullish but nothing goes straight up ;)
and for the buyers to take full control, we need a break above the 1800.
PedroRolles
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@TheSignalyst, So tell them to buy moooore. Do not even give them bearish idea ! That channel down does not exist. It is not valid. On Monday it will move beyond 1800 like rocket.
Thanks. IMO we need to see an inverse H&S with a double bottom around 1680-90. Mr market likes to whipsaw and take traders money. Be very careful with this yellow beast!!