Hello traders, I am expecting these two scenarios in gold based on the corrective structure which gold is drawing the last 6 weeks. Option 1 is a triangle which should finish in the 1299-1301 area. Option 2 is a flat correction which is more complicated and should finish somewhere in 1307/9 - 1314/6 area. I'll keep updating as we go. My mid term targets are 1255, 1234, 1209.
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Lets see which way we go
Trade active
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First short activated at 1299
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SL is now on BE. Risk free trade. Tgs 1280, 1272
Trade closed manually
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Trade closed at 94 because North Korea fired a ballistic missile again.
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Pending shorts removed for now. I'll update this idea if anything changes.