Gold on the Daily chart has been in a nice uptrend for most of the year. We are seeing a pullback right now and I'm looking for a good spot to jump on the Long side in this market. This 1250 area is where I think is a great spot to look at getting long. Good psychological number plus we have some structure looking left. We are back to the breakout area from the Brexit decision.
Right now I'm seeing a Double Bottom on the Lower Time Frames (60 and 240min charts) at area that I like. Also note that the RSI is showing MAJOR divergence.
Stops - Can either go right below the Double Bottom or back below structure looking left.
Targets - Target #1 will be a retest of the highs. Target 2's will be a trail stop.
Best of Luck!
Right now I'm seeing a Double Bottom on the Lower Time Frames (60 and 240min charts) at area that I like. Also note that the RSI is showing MAJOR divergence.
Stops - Can either go right below the Double Bottom or back below structure looking left.
Targets - Target #1 will be a retest of the highs. Target 2's will be a trail stop.
Best of Luck!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.