Here is my take for this trade. My first TP area which also serves as the confirmation of the trend's return to the ascending channel was hit, now I am just waiting for my 2nd area to break so we can return to the area before entering our buy zone, indicating that the pennant is complete by then. Additionally, there is still confluence since the bearish divergence just started, and it was a strong one as well. I only see retracement before further descent from there.
However, due to additional research regarding FOMC, it should short further down to possibly 1640 with the wedge as its predominant structure. I do not see this happening since my opinion, the demand for gold would be terrible by then. For now, let us enjoy our short and play with the range. Good luck to all!
Disclaimer: This is for educational purposes only.
However, due to additional research regarding FOMC, it should short further down to possibly 1640 with the wedge as its predominant structure. I do not see this happening since my opinion, the demand for gold would be terrible by then. For now, let us enjoy our short and play with the range. Good luck to all!
Disclaimer: This is for educational purposes only.
