in this moment I see gold oversold in the short term (daily) and in a pivot fibonacci .618 zone, is an interesting price to buy, but in the long term we can see resistance in 1240 zone, a consolidation or a rejection there would be the expected in the development of the triangle pattern, aiming to 980 in about a year from now. Yes 980 is a very low price but that says the pattern. in this moment I'm long from 1240, I will not leave the position until a retest of 1240 at least.
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I bought UJ with TP 112.5 to hedge the washout of retailers needed to the retest of the triangle.
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This is gonna take time, I have a lot of patience
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price tag the break of the triangle, 1240 as expected, its a common rejection point of the pattern, but it also can test the triangle itself, at this point in 1260. Im gonna look for that second scenario to close my long with profit. the UJ hedge was a good move, Im looking to buy UJ again at 110 with a TP 112.