So we are still range trading Gold.... presumably until the FED decision next Wednesday. I see a Head and Shoulders pattern formed on the 60 minute TF and currently testing the neckline. Also notice a bearish divergence. I will keep trading this range until a definitive breakout either way (my preference is bearish). Target is around 1483.80 ish
Please do not take this as sound financial advice, it is purely for my learning purposes. Have fun and trade safe :)
Please do not take this as sound financial advice, it is purely for my learning purposes. Have fun and trade safe :)
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Broken through neckline and touched upper range trend line which it is respecting thus far. RSI is now overbought too along with the divergence so am expecting it to drop still. I am hoping this is just a fake out/bull trap whichever you would like to call it. Let's see how we go
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Forgot to mention that on the Daily TF it is touching the 20 MA which it has rejected numerous times and it has also not printed a higher high at this stage so my bias is still bearish.
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We are at an area of resistance (look left on pretty much all timeframes) If it pushes through and prints a higher high then the trade is invalidated and i shall close and re-evaluate.
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On my MT4 platform the 4hr candle closed just on the upper trend line. The next few hours should determine whether this trade stands or not.
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Great push back below neckline, makes me think it was actually a fake out (fingers crossed lol)
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Oh well, that didn't work. Neckline broken, upper trend line breached and new high posted. Trifecta !! Trade closed, still not convinced that it will go up significantly so will watch PA for now and re-evaluate