Gold: Great Long Opportunity

Gold has come to a High-Interest stage where it could offer a great opportunity for the bulls to commence running a strong rally.

Technically, an Inverted H&S price pattern is in the making of. When prove to be correct, it would be a strong one:
1. 10-months has lapsed since its commencement of formation.
2. Price had rejected its down-side movement for its prevailing Uptrend, suggesting that the price pattern is at the right place.
3. A “Double Bottom” forms at both the Head and the Right-Shoulder, especially at the Right-Shoulder where it carries heavy weights!
4. PA consolidates at the Right-Shoulder Formation areas right at the Fibo66, and is currently re-testing its strength indicating that that is not a Long Right-Shoulder. A perfect scenario of a Right-Shoulder formation.

My Trading Plan:
1. To Long with bullish signal at 1760 area (Fibo66)
2. Double Up with bullish signal at 1800 area (Fibo50)
3. Scale-in again with bullish signal at 1830 area (Fibo33)

Taking Profit:
1. Entry 1 at 1800 to lock in profit as reserved capital for the Entry 2
2. Entry 2 at 1900 areas to lock in profit to celebrate, and
3. Entry 3 with Trailing SL letting it runs to God’s wish!


Disclaimer: That’s my personal opinion and “Trade at your Own Risk”!