I am taking a long position on this based on a H6 signal
Finding support on 89 EMA, plus there was a massive up push on the daily, resulting in a daily pin bar sell signal, but I didn't take that trade due to the upward momentum. I think a breakout to the upside is in order, and have positioned myself long on the H1 chart for minimum risk.
Ok, so gold is being a bit of a bitch the past few days to get a direction, but it is looking bullish for me, closed above the 8 and 21 EMA on the daily, and also above support. H4 is showing a 2 bar reversal, my order on the last long position wasn't triggered, so I will give this a blast and see how it works out.
Possible this could break the 1240 handle and go lower, the news tomorrow MIGHT send it lower if the Fed say they will continue to taper QE.
There is a nice looking 2 bar reversal on the H8 chart, I will be shorting this on the break.
EDIT: Wasn't triggered There is a 2 bar reversal at daily support. Yesterdays daily candle gave a bearish close, but still closed above the 8 and 21 EMA, and above the daily support, so I am still buying.
Shorting this on an H4 bearish engulfing. This could also be used to enter into the daily engulfing for a better price and tighter SL.
H4 pin bar at daily support. This is a counter trend trade, so there is a higher chance of failure, so manage accordingly.
Long on H4 pin bar at daily suppot. CT trade, so TP might be a bit lower.
Look for short positions around the marked area.
This could be what will happen, if it breaks 139 and a daily close below, expect 135 pretty quick, then the uptrend might continue..