Gold / Breakout of Weekly Trend Line
Updated
2018-6-6
Few things stands out in the Gold Weekly Chart:
1. Price has tried to pushed through 1357.6 level a few times and failed (Purple)
2. Price eventually broke through the short term support near 1307 after trying to fight back since early Feb
3. Long Term Trend line is broken (Red)
4. Right now the price is moving sideways (Red Zone)
Conclusion: We look to short this market if the market decides to continue its momentum to the downside. Meanwhile, we can trade the consolidation zone (Red).
Few things stands out in the Gold Weekly Chart:
1. Price has tried to pushed through 1357.6 level a few times and failed (Purple)
2. Price eventually broke through the short term support near 1307 after trying to fight back since early Feb
3. Long Term Trend line is broken (Red)
4. Right now the price is moving sideways (Red Zone)
Conclusion: We look to short this market if the market decides to continue its momentum to the downside. Meanwhile, we can trade the consolidation zone (Red).
Comment
Gold is finally breaking the consolidation zone !!Comment
TP#1 Reached: +600pips
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