GOLD - Bullish Shark completes at 1045 (Oct 2016 Low)
Hey guys, I had a couple of emails asking me about Gold.
This is what I think how Gold will move in the coming weeks/months.
1. Do not go long unless 1045 is challenged, price is moving nicely on a falling channel, no buying unless it reaches a key support zone.
2. Bullish shark completes at 1045, it could go slightly lower towards 1000 (XA 113) before rebounding.
3. This is a trade setup that can easily push Gold back to 1180 (Short term buy).
4. A full fledged reversal is only confirmed if Gold breaks above 1400. (Double bottom breakout)
Meanwhile, short on pullback to downward sloping channel and do not attempt to go long too early.
This is what I think how Gold will move in the coming weeks/months.
1. Do not go long unless 1045 is challenged, price is moving nicely on a falling channel, no buying unless it reaches a key support zone.
2. Bullish shark completes at 1045, it could go slightly lower towards 1000 (XA 113) before rebounding.
3. This is a trade setup that can easily push Gold back to 1180 (Short term buy).
4. A full fledged reversal is only confirmed if Gold breaks above 1400. (Double bottom breakout)
Meanwhile, short on pullback to downward sloping channel and do not attempt to go long too early.
