GOLD'S TRIANGLE - 4 HRS CHART
I post this as a neutral chart, though I think the chances are much bigger for a decline in gold.
Why?
COT is very bearish ( I will post soon)
Gold's weekly chart has a hanging man + we are turning down from the 200 EMA
We are on day 26 in the daily cycle which usually lasts for 28-35 days
So there are 2 possibilities of breaking out of the triangle.
If you play the long side have to be very careful because we can start heading down to the daily cycle low any time now...
The key is to break the 50 EMA (4hrs chart) for the way down to the DCL...
Why?
COT is very bearish ( I will post soon)
Gold's weekly chart has a hanging man + we are turning down from the 200 EMA
We are on day 26 in the daily cycle which usually lasts for 28-35 days
So there are 2 possibilities of breaking out of the triangle.
If you play the long side have to be very careful because we can start heading down to the daily cycle low any time now...
The key is to break the 50 EMA (4hrs chart) for the way down to the DCL...
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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.