GOLD: Your next plan for the next year
Gold / 1D
Hello Traders, I would like to share with you the way I would like to play gold for the next few days.
The overall structure is bullish for gold. But, since the price has established an all-time high, it started correcting.
So, the current trend is still bearish. On the weekly chart, gold is trading inside a falling triangle. Based on price action patterns.
This is what we call a squeeze pattern. Most likely will end making new lows.
In a lower time frame, Gold has made a new high towards testing the falling triangle, and now we might see the price testing the same triangle again. Kindly check the 2 possible scenarios that I'll be looking at before going long or short on gold.
Trade safe,
Trader Leo.
Hello Traders, I would like to share with you the way I would like to play gold for the next few days.
The overall structure is bullish for gold. But, since the price has established an all-time high, it started correcting.
So, the current trend is still bearish. On the weekly chart, gold is trading inside a falling triangle. Based on price action patterns.
This is what we call a squeeze pattern. Most likely will end making new lows.
In a lower time frame, Gold has made a new high towards testing the falling triangle, and now we might see the price testing the same triangle again. Kindly check the 2 possible scenarios that I'll be looking at before going long or short on gold.
Trade safe,
Trader Leo.
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