Diagonal patterns signify one thing, the probable turn and reversal is close. This is what we may be seeing with Gold, and silver for that matter, in the coming sessions. Non Farm Payroll announcements tomorrow look like they will send many a pair dropping against the USD, that is what the charts are showing. The fib ext level you can see on the charts makes this final Y leg equal length of the initial W length, which is a good sign. I'm not a fan of trendlines, rather patterns, and the lines are marking the edges of this probable diagonal.
I won't be trading this until the end of it night, waiting to pounce on the upside. Happy trading.
I won't be trading this until the end of it night, waiting to pounce on the upside. Happy trading.
Nota
Still waiting and watching. RSI you can see is at equal legs (check the purple line) which to me shows it has more downside. I would like a touch of that same resistance area again, maybe a slight push through and for the RSI to show upside divergence, then I'll be looking to get in. I could sell this down, but I like best R/R and high probability trades, so for me, I am only looking for longs. 
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.