Left side chart is a 60 minute Gold chart, showing a potential move to 1245, extending gains to 1258/1260 levels on a possible break out off the falling wedge
Right side chart shows a potential H&S pattern forming with neckline support at 1232 - 1228 which could see the right shoulder rally to 1258/1260
Shorting from these levels for 1232/1228 and 1200 makes for a good level with low risk (invalidated on a high above 1270)
Note the multiple inside bars on the daily chart, which could see a classic bull trap on a break above 1252.45 only to fall lower..
Right side chart shows a potential H&S pattern forming with neckline support at 1232 - 1228 which could see the right shoulder rally to 1258/1260
Shorting from these levels for 1232/1228 and 1200 makes for a good level with low risk (invalidated on a high above 1270)
Note the multiple inside bars on the daily chart, which could see a classic bull trap on a break above 1252.45 only to fall lower..
Trade active
Target 1 @ 1245 reached.Trade 2 still open with stops covered to 1235, for 1258.
Trade active
BE to 1237.5Trade closed: target reached
TP reached. Time to start looking for shorts
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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.