GOLD - Smiley Face for Bulls ?
Updated
Gold seems to form a "smiley face pattern" (inverted head & shoulders pattern) on the chart. This is a classic bullish reversal pattern.
Though sentiments do not support bullishness due to fundamental news but we think gold price is mostly priced in for any monetary changes ahead.
There are two levels of support that gold needs to hold: 1740-1760 and 1680-1700.
Daily candle might form an inside day pattern. RSI seems to break small downtrend.
It is good to long gold at 1st support level: 1740/1760 with tight stop-loss. We can targets 1820/1840 on the upside.
A futher target at 1920 only resistance at 1835 is taken out. Under 1675 then this assumption is invalid.
Though sentiments do not support bullishness due to fundamental news but we think gold price is mostly priced in for any monetary changes ahead.
There are two levels of support that gold needs to hold: 1740-1760 and 1680-1700.
Daily candle might form an inside day pattern. RSI seems to break small downtrend.
It is good to long gold at 1st support level: 1740/1760 with tight stop-loss. We can targets 1820/1840 on the upside.
A futher target at 1920 only resistance at 1835 is taken out. Under 1675 then this assumption is invalid.
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Got in at @1740, SL under 1730.
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