PLay in current channel - may break upside
GOLD SELL 1289 SL 1299 TP-1 1277 TP-2 1263 TP-3 1254
Gold has been in downtrend since 29-8-2011 to 17-08-2017 approximately, Just to put things into context. Now, Gold closed above the trend line @ $1288.52 on last Friday. If it sustains above $1300 with good volumes then the uptrend in gold can be confirmed. There are also Fundamental reasons for gold to move up as as mounting tensions between the U.S. and North...
GOLD BROKE THE NECKLINE OF Inv H&S pATTERN and stayed above it . I expect it to test 1290-95$ on Comex .SL can be maintained below the neckline on closing basis.
Barring that brief move beyond the trendline the prices have not been able to sustain and have moved ina strong descending channel and now we care looking at a 15$ move in Silver Comex as well. AN interesting stage indeed. Lets see how it pans out.
5th wave completed on 1275-1280...after that gold will be prepration of correction...
THIS IS NOT A BUY/SELL CALL , THIS CHART IS CREATED FOR UNDERSTANDING MOVEMENT OF GOLD
xau usd can reach up to 1277, but before that it can go little down & provide buying opportunity on 1262.
Trading in resistance zone , TL from up also acting as resistance...Short with SL as yesterdays's high...tgt open
As full wave pattern looks completed in Gold and reversal is also observed, Gold is ready to go beyond 1300$ very soon. Wait for on correction in the zone of 1205 to 1212. buy Gold there with SL of 1203 for the target over 1300$ soon.
Silver - should be positive abv 16.35 for a tgt at 16.90. Keep SL at 16.10 on longs
Silver is a creaming buy on monthly charts , should target 22 levels. use lower time frame to spot entry levels.
Price has formed H&S PATTERN on 4H charts time frame awaiting MA Cross over to enter long trade