looks pretty interesting, exciting and at a major trade-able juncture.
1)The price of gold has been moving in a sideways bias for the few months, that sideways movement is taking the shape of an inverted bottoming pattern.
2) Gold has tentatively broken a long term descending , i say tentatively cause the is major in terms of old, and thus i prefer to see further stability with at least a monthly closing above it to confirm a .
3) A multiple on
$) The price is approaching the major horizontal resistance at 1250.00
So whats next: I think there are two ways to trade this level
1) Wait for a confirmation over the to short 1250 resistance for 1200.00 and 1170.00 levels.
2) Be patient and wait for a weekly closing above 1250, then long for an upside reversal, targets at 1350.00
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