Gold - Potential reversal then ??? **Updated chart**
HI All,
My chart shows that we have a completed bullish bat pattern along which is also supported with good confluence.
We have an interesting week ahead with major economic news events all week so GOLD could go either direction.
I have also drawn a trend line from the previous major structure highs. I'm not saying this is a bearish signal for GOLD to go down further however something to keep an eye on. Price tends to respect these trend lines.
If price pulls back then this offers a good opportunity to enter long if you missed on entering at the bat completion. If prive respects the underlying trend, then we can expect a breakout.
If you're going short then this zone may help you determine an entry.
Thoughts/Feedback are welcome.
Cheers
Ant
My chart shows that we have a completed bullish bat pattern along which is also supported with good confluence.
We have an interesting week ahead with major economic news events all week so GOLD could go either direction.
I have also drawn a trend line from the previous major structure highs. I'm not saying this is a bearish signal for GOLD to go down further however something to keep an eye on. Price tends to respect these trend lines.
If price pulls back then this offers a good opportunity to enter long if you missed on entering at the bat completion. If prive respects the underlying trend, then we can expect a breakout.
If you're going short then this zone may help you determine an entry.
Thoughts/Feedback are welcome.
Ant