according to the monthly chart the pair is bearish, but regardless of that and due to the unexpectancy of the market, a bullish move is expected as according to the nearly perfect 3 drives pattern.
let's be hopeful our buy limit is as expected.
with a not so perfect double head setup on the H4 timeframe, the pair is expected to respond to the pattern analysis and fall deep south to it's weekly support.
risk ratio is in place and hope to get these pips u in here running.
with the failed H&S patern in the 4H time frame, a radical drop is expected to go as deep as the daily resistance.
EntryPoint: 12.7617
TakeProfit: 11.3027
Stoploss: 13.1018
Gold has formed a good bullish trend with double bottoms in the daily time frame and with weekly S&R levels, we expect a further bullish push for the next weeks up to the weekly resistance
all this is feasible unless external forces such as political news act upon the pair.
this is a long term trade probably about in 2 weeks due time or 3 weeks so i would suggest you place less lot size compared to your usual swing-trades' lot size.
be careful this a very volatile pair so moving your SL to BE wouldnt be bad.
Success
So this pair has been showing some volatility for the past days, we should see it settle down and move according to the former bearish flag that was formed.
Patience is Key people, and place your risk management wisely.
it isn't the worst idea ever but i would suggest you invest about 3% of your equity.
basing on the trend obideience phenomenal we should see this trade be in our favour, all you need is patience.
gold forming a new H&S bearish biased pattern.
definetly worth being on the watchlist despite Yellen's speech today and expected further rise of the gold price.
