Gold out look 15-12-2019 - Possible short opportunity
My Gold outlook from last week hasnt changed much.
However there may now be a short term sell position as price moves up into the overall downward trend line and the minor daily channel top trend line.
I'll be waiting to see how PA looks when it reaches that short opportunity zone.
There is a high probability that price will see 1445-1435 in the near future
As price moves down i will see how PA looks when price it reaches the bottom side trend line .
Reversal PA into the trend line will indicate a high probability (80-85% chance) of a move higher where as if i see continuation PA forming once price reaches the tread line then price will have a high probability (80% chance) of a move lower.
If price rejects the lower trend line with reversal PA then $1483-$1490 is the first area that is likely to visited.
If price breaks the top side descending trend line then there will be a 90% probability of hitting $1535.
However there may now be a short term sell position as price moves up into the overall downward trend line and the minor daily channel top trend line.
I'll be waiting to see how PA looks when it reaches that short opportunity zone.
There is a high probability that price will see 1445-1435 in the near future
As price moves down i will see how PA looks when price it reaches the bottom side trend line .
Reversal PA into the trend line will indicate a high probability (80-85% chance) of a move higher where as if i see continuation PA forming once price reaches the tread line then price will have a high probability (80% chance) of a move lower.
If price rejects the lower trend line with reversal PA then $1483-$1490 is the first area that is likely to visited.
If price breaks the top side descending trend line then there will be a 90% probability of hitting $1535.