As shown on chart. First scenario currently in play.
If there's a sustained break below the bottom uptrend line and no signs of reversal there, I will be looking for longs in the second demand area for the second scenario.
Gold finishing wave E of triangle pattern before testing resistance @1500.
If break of 1500 next test is confluence between fib channel and horizontal resistance @1520 area.
If this plays out we might see a failure at one of these areas and correction/reversal of uptrend.
TVC:GOLD , OANDA:XAUUSD
Possible long trade to 1478-1523 area.
We seem to currently be at the pivotal moment for gold.
Either a breakdown or continuation will happen, depending on market sentiment, inflation and the Fed's decisions.
If inflation picks up, gold is a popular hedge against it. This could mean gold prices move up.
However, higher inflation lowers...
This is my first published idea on TV so any feedback is appreciated!
Looks like USOIL might be rolling over, possible retracement to 61.8 fib and retest of previous range.
Depends if there's news the pattern could be invalidated.
Please leave a like or comment and tell me what you guys think.