looking at gold its in quite an interesting place at the moment
the most obvious is the large bullish pennant that has formed signaling bullish bias which could be reinforced by the central blue line of the bullish channel lending further weight to an upward move, however...
gold is also pretty close to the currently unbroken "ceiling" illustrated by the red line so we may need some significant economic data to create enough strength to push through this level.
in truth this could go either way right now, in the event of a break upwards past the 2000 level i would look to take profit at 2050 unless there is very strong bullish pressure evident and in the event of price moving down i would look to enter around 1935 and take profit close to the bottom of the channel around 1870.
as always do your own analysis and use a damn stop loss! ;)
the most obvious is the large bullish pennant that has formed signaling bullish bias which could be reinforced by the central blue line of the bullish channel lending further weight to an upward move, however...
gold is also pretty close to the currently unbroken "ceiling" illustrated by the red line so we may need some significant economic data to create enough strength to push through this level.
in truth this could go either way right now, in the event of a break upwards past the 2000 level i would look to take profit at 2050 unless there is very strong bullish pressure evident and in the event of price moving down i would look to enter around 1935 and take profit close to the bottom of the channel around 1870.
as always do your own analysis and use a damn stop loss! ;)