Gold 4-Hour Channel Breakout Hits Target
Our 4-Hour channel Breakout from a few days ago has reached its target.
The target was the bottom of the beginning of the channel.
However, we had no retrace to the neck zone, so we had no entry.
I am a breakout and retrace trader, and if I see no retrace to the point of interest, I will not take a position.
My thoughts on Gold now is that if support does hold around the 1782 mark, we should begin ranging in short to mid-term between support and 1810.
Let’s watch and see what it does. I will be watching as always, and should a setup present itself; I will be posting it. Happy Monday!
The target was the bottom of the beginning of the channel.
However, we had no retrace to the neck zone, so we had no entry.
I am a breakout and retrace trader, and if I see no retrace to the point of interest, I will not take a position.
My thoughts on Gold now is that if support does hold around the 1782 mark, we should begin ranging in short to mid-term between support and 1810.
Let’s watch and see what it does. I will be watching as always, and should a setup present itself; I will be posting it. Happy Monday!