Usually, I don't post my ideas on Monday, but here it is. Price has aggressively moved for correction which has broken rising wedge pattern. It is hard to gauge where gold bounce. It could range from 0.5 to 0.786 area. The only clue is to see candle close.
Just remember, if it doesn't break the upper TL, bull flag is not completed. Just stay put and observe. I have taken some profits as well from 68,70,74.
@viking83, Just not sure if it is complete yet. A lot of resistance here.
RoboCash
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@viking83, Yes. I want to see some bearish / bullish clues.
rafalo
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Great! I'm watching You after each idea with bigger confidence!
v1vikwan
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great!! thanks
Mo-Sid
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Robo, i'm no expert but just need your opinion. Daily chart shows triple top pattern, which seems to show the upper swings have topped out. Are your views on GOLD still the same as shown on your idea? Though I believe FOMC should make the market dance tomorrow lol
RoboCash
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@Mo-Sid, I am no expert too. But What I see is a breakout, not triple top setup. 618 and 786 is gold favourite area to bounce up. Market has more variables than just chart alone, it is market sentiments as well. I can't really say much but I will watch 4H candle to determine what may happen next. I may be wrong this time. 68 is a good long, as well as 60. Refer to my chart.