Gold shows a top formation, easy trade with a clear target and stop
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Stop at 1352 and target around 1310
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Looked like it bounced off the neckline perfectly, but a big spike of almost 10 points pushing it through the neckline. This red area is a big resistance, so there is still chance it could drop, but it's not looking great anymore
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It could be that another H&S is in the making, slightly bigger, i have changed the neckline. I expect stock markets to make a wave 2 recovery somewhere this week, so that does fall into place.
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So far so good, i have closed half my position at 1322 and 1313. I have lowered my stop to around 1320 for the remaining half. Target was 1310ish, but because the H&S has become bigger, 1290 is also very possible.
My expectation of the stock market is that we will make a wave 2 up correction the coming days, therefore gold could drop even more towards the 1290. I will probably close around 1300 the remaining.The stock market will probably fall again tomorrow for wave B of the correction wave, so gold could go up towards 13.20/1325 again, towards the neckline before making that final drop
My expectation of the stock market is that we will make a wave 2 up correction the coming days, therefore gold could drop even more towards the 1290. I will probably close around 1300 the remaining.The stock market will probably fall again tomorrow for wave B of the correction wave, so gold could go up towards 13.20/1325 again, towards the neckline before making that final drop
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I have lowered the stop to around 1314 for the remaining short position. Looks like it's making a wedge
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So gold has been moving very good for me. I think we will still see another drop towards the 1290ish. The stock markets will go up the next week or 2. From there on i think the stock markets will enter wave 3 of the bear market and will drop very hard and long. There fore gold could go up taking out the 1400 probably