I can also see cup and handle on a Monthly chart which is why I wouldn't trade Gold either way at the moment. It's above Weekly SMA40 and I wouldn't short it for sure as long as that it the case. It's still holding VWAP from ATH as well.
Reason why I publish this idea is to be able to follow the price nothing more, it is not an investment advice of any kind, I'm a beginner trader with very limited experience and exposure to Markets still so take any idea you see from me with the grain of salt!!!
Reason why I charted bearish scenario is because I saw on Hedgeye that according to then Gold should spiral down so wanted to give that information a chance for a little contrarian practice.
Basically if it is correct I wouldn't short Gold before September/October this year. That's when R/R ratio seems to be the best.
Last time that was a nice 73ish % drop.
Good luck to all Gold traders out there. If you agree of disagree please do comment and share your own ideas, just no insults or sarcasm. Most of us on TW are here to learn and that takes time.
Reason why I publish this idea is to be able to follow the price nothing more, it is not an investment advice of any kind, I'm a beginner trader with very limited experience and exposure to Markets still so take any idea you see from me with the grain of salt!!!
Reason why I charted bearish scenario is because I saw on Hedgeye that according to then Gold should spiral down so wanted to give that information a chance for a little contrarian practice.
Basically if it is correct I wouldn't short Gold before September/October this year. That's when R/R ratio seems to be the best.
Last time that was a nice 73ish % drop.
Good luck to all Gold traders out there. If you agree of disagree please do comment and share your own ideas, just no insults or sarcasm. Most of us on TW are here to learn and that takes time.