Hi,
Gold has printed a nice and perfect AB=CD bullish pattern on daily time frame.
Last friday, gold has closed above 1315$ and turned bullish in end of session. As long as prices are above 1312, gold can catch the 0.618fib of CD leg of the AB=CD which is a classical TP for whom have bought the pattern.
There will be some trading days before FOMC release, and, as the last NFP was disapointing, we might see higher prices with a retest of 1355$ level (1354/1359).
Keep my $1302 long, and will buy any pullback on 1318 / 1316 or 1312 until 1342.
The question is : are we in distribution or accumulation mode ?
My preference goes to distribution.
Gold has printed a nice and perfect AB=CD bullish pattern on daily time frame.
Last friday, gold has closed above 1315$ and turned bullish in end of session. As long as prices are above 1312, gold can catch the 0.618fib of CD leg of the AB=CD which is a classical TP for whom have bought the pattern.
There will be some trading days before FOMC release, and, as the last NFP was disapointing, we might see higher prices with a retest of 1355$ level (1354/1359).
Keep my $1302 long, and will buy any pullback on 1318 / 1316 or 1312 until 1342.
The question is : are we in distribution or accumulation mode ?
My preference goes to distribution.
Comment:
out from short 42 at 45.
Now waiting 54 to short and close my 1302$ long.
Now waiting 54 to short and close my 1302$ long.
Short 42 TP1 $1323 / TP2 $1318