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Gold Spot / U.S. Dollar

GOLD Megaphone top setup

By k314
Updated
Gold (XAUUSD) has formed a megaphone top on hourly chart. We will take decision based on the price action which is going to unfold.

Keep watching this space for more updates of targets and SL
Note
Short below $1343

T1: $1337
T2: $1333
T3: $1326

SL: $1351
Trade closed: target reached
T1: $1337 achieved
Trade active
Trade closed: target reached
T2: $1333 achieved
Trade active
Note
moving towards megaphone bottom and forming head and shoulders

snapshot
Trade closed: target reached
T3: $1326 achieved
Note
We will keep an eye on Gold and take further action based on our charts.
Keep watching this space for more updates
Note
We will go short below $1319

T1: $1312
T2: $1307
T3: $1297

SL: $1327
Note
After triggering the short trade on Sep 14 it hit our SL immediately indicating a fake out.

Later Gold again fell below $1319 on Sep 16 and we have so far achieved T1: $1312 and T2: $1307 and moving SL to cost and waiting for T3: $1297
Chart PatternsGoldTechnical IndicatorsmegaphonemegaphonepatternTrend AnalysisXAUUSD
k314

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