Bear Trap in the Making

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
TP: 1480
SL: 1380
Comment: At this point:

It's either, Bear Trap or Bullish Biased w/ Descending Triangle

Plan 1: Bear Trap,

The expectation is to hold 1390-1392 and rally up

Plan 2: Bullish Biased w/ Descending Triangle

The expectation is to wait for it to fail & retest the low and rotate back up.
Comment: If it manages to sustain 1402, It will most likely go back to 1416 = SOC.
Comment: Filled the gaps of 1416, 1425, 1427, 1428 & Drifted down.
Comment: Another Bear Trap?!!?!?? GC Futures, If your using XAUUSD: Just minus 2 points from the price.

Ignore the other lines except Green Lines & Blue Line.

Blue Line: Trendline

Green Line: 2x Bear Traps

Current/1st one: Expected Bounce @1403-1400 & Rally for 5 days since it technically consolidated for 5 days except filling gaps. During the Rally, Why do I think it's going to 1480, It's because Full Moon is happening on July 16 which means silver & gold rallies together. Full Moon happens every month and most of the time it rallies. For example, the breakout to 1440 ( First Rally ). The Full Moon happened on June 17 and it triggered a rally for 5 days = reached to 1440. Also, the supports have been getting stronger = uptrend since the first bear trap after the gap down from g20. Also this 3rd retest for 1440 will obliterate it because alot of shorts are still shorting it and their stop loss at 1440 = buying power which can boost us to 1480.

2nd One after this one: Consolidation for 5 days until July 30 since 1480 instant rejected & Bounce @1420-1400 and starts rally on July 30-31 for 5 days due to official rate cuts to 1480 again.
Potential Breakout @1424 due to bullish biased, ascending triangle.

Trade closed: target reached


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