Gold has been declining since mid February and the 1,346.79 High. If this pull back has been purely technical then the important test on the 1W chart has arrived as the price is on the Higher Low region.
What is more interesting is that last time Gold tested a weekly Higher Low on a similar pattern was in December 2017 and the rebound was so strong that gave way...
Pattern: 1D Triangle.
Signal: Bullish as the price has rebounded on a Higher Low. Also the 1D Support Zone is just below.
Target: 1310 (Lower High). If the Triangle breaks higher then 1321 and 1345 can be used as extensions.
Here's the truth.
Profitable trading is not about how much money you make. Because the amount of the return is dependent upon the size of your capital.
Making 10% on a $100 account is no comparison to 5% or just 2% on a $100k account.
Profitable trading is about making a POSITIVE return in a specific period of time. Then, find a source to increase your capital...
The current weekly candle comes after a hammer candle that this candle usually comes after price declines and as a sign to change an optional trend.
Gold's upward trend further strengthens the buy signal
The question is whether this time the gold will reach the resistance, will it cross it or not?
Entry Price: 1303
Stop Loss: 1275
Take Profit: 1357
After price made an impulse obviously there must be a corrective channel before further downside. In this corrective channel we can see a 5th wave to b made where at resistance i will wait for a bearish confirmation to the downside. If however price action decides to break resistance this trade becomes invalid.
XAUUSD couldn't close above 1300 resistance level. potential pullback is on the sight.
GOLD is taregeting 1288 green trendline channel. You can trade between tops and bottoms of the blue trendline channel but i recommend heavily carry short positions.
The graph you see above is divided into 2 parts
In Part A you see a simple model of support and resistance and a price that moves within it until it breeds the resistance and then reaches $ 30 (2.5%) and then the market corrects and falls a bit below the support because of that way never put the stop loss exactly on support always a little below, Then the market...