Gold broke out of the long term ending diagonal on the weekly time frame. For my weekly wave count of January 7 see below:

The structure on the 4 hour chart is relatively obvious in terms of the previous impulse that resulted in the break. However the consolidation does not look right to me. This does not mean off course that it cannot be completed already, it only means that I will wait a bit longer until the structure shows me a high probability trade opportunity.
The arrows show an indication of my preferred scenario. The main trade however will be the bullish continuation. If we see price continue higher from here I simple wait for the next consolidation.
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The structure on the 4 hour chart is relatively obvious in terms of the previous impulse that resulted in the break. However the consolidation does not look right to me. This does not mean off course that it cannot be completed already, it only means that I will wait a bit longer until the structure shows me a high probability trade opportunity.
The arrows show an indication of my preferred scenario. The main trade however will be the bullish continuation. If we see price continue higher from here I simple wait for the next consolidation.
timstuyts.com
facebook/timstuyts
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Penerbitan berkaitan
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.