I see signs of Gold breaking out of the downsloping red channel. My first take profit target will be just before the Daily P-Pivot at 1252. I have set my stop loss below the weekly low at 1187.2. We have the 38.2 Fib Level acting as a key support at 1198.22, and S1 Pivot also acting as key support at 1197.01.
Riskier traders looking to commit a larger amount of capital to this trade might consider a tighter stop at 1196.
I'm looking to pyramid into this trade and so will start by risking 1% of my capital with stop loss set at 1187.2
15 Min Chart has bearish outlook with support becoming resistance
240 Min Chart Support on uptrending fork needs to hold or I will be exiting this trade for a loss