I see gold coming down short term at the moment due to a completion of a higher time frame correction. An ascending channel within an ascending channel. Currently short with a 50 pip stop. Will be moving stop loss to break even and riding this trade out.
A clean break of a descending channel off a third touch and bounce off a strong support level on the daily time frame. With this impulse we had, we can expect a continuation pattern to form that could potentially align with a 50% - 61.8% retracement to provide a retest of the overall descending channel we broke out of. Price action will provide us with a signal to...
Clear break of descending channel with a strong push off the third touch + strong support level. With this impulse, a correction is needed. With this correction, we can expect a retest of the descending channel aligned with a 50% - 61.8% retracement. Price action will provide a signal to buy when the time comes. Price should repeat what it did but on a smaller...
