long gold at 1275
long gold at 1275,
SL @ 1270
TP @ 1278
time frame : scalp , day trade
Looking at the longer timeframe, gold has been supported by an upwards rising channel since end of nov . this can be easily detected by the looking at the 4 hour timeframe
zooming closer to shorter timeframe such as 5 min or 15 min. you will see a very clear rising slope with a clear ABCD pattern at the 15 min time frame
Gold dropped from 1278 to 1274 during the last 2 trading hours of the US stock markets on 27 dec due to better than expected christmas spending reports sending NASDAQ,DOW and S&P sky rocketing through the roof.
This assurance of US indices sent gold dropping to a mere 1274. Despite the DOW gaining 800 points in a 2 hours, gold low pricing of 1274 is still a higher cyclical low on the 5 min and 15 min charts.
all the above reasons led us to believe that the next ABCD continuation cycle will send gold to at least 1278 for a quick scalp or half day trade.
Regards,
May the trading greens be with you
SL @ 1270
TP @ 1278
time frame : scalp , day trade
Looking at the longer timeframe, gold has been supported by an upwards rising channel since end of nov . this can be easily detected by the looking at the 4 hour timeframe
zooming closer to shorter timeframe such as 5 min or 15 min. you will see a very clear rising slope with a clear ABCD pattern at the 15 min time frame
Gold dropped from 1278 to 1274 during the last 2 trading hours of the US stock markets on 27 dec due to better than expected christmas spending reports sending NASDAQ,DOW and S&P sky rocketing through the roof.
This assurance of US indices sent gold dropping to a mere 1274. Despite the DOW gaining 800 points in a 2 hours, gold low pricing of 1274 is still a higher cyclical low on the 5 min and 15 min charts.
all the above reasons led us to believe that the next ABCD continuation cycle will send gold to at least 1278 for a quick scalp or half day trade.
Regards,
May the trading greens be with you
Trade closed: target reached
Target Reached: Closed at 1278.Profit: +2.35%
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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.