Gold might break through bearish flag channel
Gold was in a bullish upleg for more than 120 $ (blue line). This upleg which was a retracement has now changed again to a down movement (green line). In the course of this downleg we see a down trending channel (purple) with a possible bearish flag (red) in it. Two set up possibilites:
1. Long with stops below 1068 (Counter trend with high probability to be stoped out)
2. Short: Waiting for a correction of last move (turquoise line) and sell with stops above 1089
Currently for me the second set up (short) is preferable.
Which set up would you prefer?
Important: :-)
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Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading
1. Long with stops below 1068 (Counter trend with high probability to be stoped out)
2. Short: Waiting for a correction of last move (turquoise line) and sell with stops above 1089
Currently for me the second set up (short) is preferable.
Which set up would you prefer?
Important: :-)
If you like my analysis and find it useful, please take a second and hit the LIKE button and follow me. It takes some time to create these posts and your LIKES let me know it is helpful to you. As always, any comments are welcome. Agree or disagree.
Please remind yourself that this is just my personal view on the market and you always should do your own analysis before trading
Komen:
fullfilled :-)