Silver showed a perfect breakout pattern this week and although the Gold chart showed the same characteristics, the price of Gold is, so far, able to withstand the sell-off.
However, it feels like the pressure on Gold is building and if the current 1278 level breaks, it could set up a sell-off as well.
Once again, do NOT trade such patterns based on feel but wait for the price to actually close outside of the breakout range. Otherwise you will get squeezed in a fakeout.
However, it feels like the pressure on Gold is building and if the current 1278 level breaks, it could set up a sell-off as well.
Once again, do NOT trade such patterns based on feel but wait for the price to actually close outside of the breakout range. Otherwise you will get squeezed in a fakeout.
I have been trading for 15 years!
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: www.tradeciety.com/webinar/
> Free blog: www.tradeciety.com/blog