CoreyM
Long

Nice Bullish continuation in Gold

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
65 1 1
It looks like Gold             is ready for an upthrust in its consolidation channel. Falling Wedges (in red) typically occur when the faster moving resistance line catches up to the slower moving support line and it causes a big blowout to the upside usually, which we see on the chart. I like to confirm this pattern with the inverse head and shoulders that is also apparent in the last 3 dips inside the falling wedge . ANNNND that we are hitting the bottom side of this beautiful blue channel.. it looks like its pretty safe to go long. so go long 1335-1340, stop at 1320 and targeting 1360++ (green line) GL
Trade active: Got my position at 1333. A little bit premature on the daily action but for the weekly still looking solid!
Comment: Goes to show the most beautiful charts sometimes don't equal profit. Position was closed out at $1328 after failing it's main uptrend line
Trade closed manually: trade closed 1328
Gold still here at 1330.1.... we should be ready to break out (hopefully up) by NYC Open.
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