Long Gold
Gold has worked its way up this long descending channel, It is now sitting just key support at 1194.
Two trades here
Plan long at 1198
stop below 1193
Take profit above previous spike high around 1220
about 5 day trade
Bigger trade
long at 1198
Stop below 1165 the August spike low
Take profit at 1280
about 10 to 15 day trade
Note ascending pitchfork is Schiff Fork
Descending fork is non standard and used only to show slope
Two trades here
Plan long at 1198
stop below 1193
Take profit above previous spike high around 1220
about 5 day trade
Bigger trade
long at 1198
Stop below 1165 the August spike low
Take profit at 1280
about 10 to 15 day trade
Note ascending pitchfork is Schiff Fork
Descending fork is non standard and used only to show slope
Trade closed: stop reached
Support has now become resistanceI will go short here and look to enter long again around 1130
We are now in final quarter of the year. Gold usually falls in November and December. We closed third quarter under 1200USD
You can see the clear slope down on the one minute chart.
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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.
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.