GOLD THIS WEEK 09/03/2018
Updated
Gold closed bearishly in trading last week by closing below the weekly pivot for this week. The price did not break the first resistance and still results in a hidden divergence between price and RSI.
If the price does not succeed to move above this week's pivot then most likely the price will continue to move down
Option:
-Open short positions if the price does not succeed above the pivot and pass the previous high
-TP1 at second weekly support ($ 1185 / oz)
-TP2 at third weekly support ($ 1166 / oz)
-SL at the first weekly resistance ($ 1211 / oz) or a few points above the previous high.
-Wait for confirmation to open a position
If the price does not succeed to move above this week's pivot then most likely the price will continue to move down
Option:
-Open short positions if the price does not succeed above the pivot and pass the previous high
-TP1 at second weekly support ($ 1185 / oz)
-TP2 at third weekly support ($ 1166 / oz)
-SL at the first weekly resistance ($ 1211 / oz) or a few points above the previous high.
-Wait for confirmation to open a position
Trade active
Potentially set to XABCD or three drives pattern, both invalid if breaks channel
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