Gold Spot / U.S. DollarUpdated Gold (Retest to 1245 - 1258)
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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