On daily time frame Gold is forming beautiful Cup and Handle pattern. Look for buyers and price action around 1248-1254, any bullish divergence signal ( bullish engulfers, bullish inside bar, pin or doji etc) is an attractive buying opportunity for the targets shown on the chart by placing the stop loss just below the swing.
Why 1248-1254 ?
That’s a nice confluence point where lower trend line of bearish channel(the handle), 0.50 fib of 1161 to 1345 rally and structure reside.
Trade plan
Buy at 1250 TP1 1290 TP2 1324 TP3 1345 SL (provisional) 1232
Why 1248-1254 ?
That’s a nice confluence point where lower trend line of bearish channel(the handle), 0.50 fib of 1161 to 1345 rally and structure reside.
Trade plan
Buy at 1250 TP1 1290 TP2 1324 TP3 1345 SL (provisional) 1232