The commodity has recently broken out of a channel down to the upside and after the impulse we appear to be forming an expanding triangle structure which would mean price is expected to hit the topside of the triangle soon presenting an intraday long opportunity, we will be observing what happens when price hits the top, I am expecting a rejection giving us a new...
Gold is in a bearish trend and sellers have great advantage than buyers. My advice is don't look for buy opportunity for now cox the market structure is in a very solid bearish structure. This bearish target is 1817 .
Strong impulsion from the bears, and by consequence the trangle which confirms a great possibility that the price will go up to the triangle and then go down until 1829
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For intraday traders:
Open position inside the triangle buy/sell
For long-term traders:
wait for breakout and then sleep on it
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P.S. I personally will open entry if the price will show it according to my strategy.
Always make your analysis before a trade.
The market will keep going up
Take profit & Stop loss: montioned on the chart
If the Green Candle Cut the TP line with Force => use the Yellow line as a Resistance + New Take Profit 2.
If the Green Candle Cut the Yellow Line With Force => Use Orange Line as A resistance + TP3 and use the Yellow Line as a Support.
HAPPY SUNDAY TRADERS!
HOPE EVERYONE IS SAFE AND ENJOYED SOME OF THE NICE WEATHER IN TORONTO!
WELCOME TO THE 2ND WEEK OF JUNE! USUALLY A MORE EXCITING WEEK FOR TRADERS IN A NEW MONTH!
GOLD, WE STILL SEE SOME DOWNSIDE POTENTIAL HOWEVER, A RETRACE/CORRECTION TO THE UPSIDE
SHOULD BE EXPECTED, BEFORE DOWNWARD CONT.
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HELLO TRADERS AND HAPPY SUNDAY!
FINALLY THE MARKET IS BACK ! WE HAVE BEEN IN AND OUT OF GOLD OVER THE PAST COUPLE OF WEEKS DUE TO ITS VOLATILITY
AND OVERALL BULLISH OUTLOOK. HOWEVER, WE ARE STILL AIMING FOR CORRECTIONS TO THE DOWNSIDE ON THIS ONE!
JOIN US ON TELEGRAM! t.me
Gold is in Wave 5 of the major advance as I've already discussed in the higher timeframe post I published 3 days ago.
Kindly find the related idea links to read full articles.
It's setting up for wave iii of (iii) of 3, and this usually the wave that drives the price so rapidly according to Elliot Wave Principle.
So keep eyes on it! Don't lose guard!