We have some important updates here on Gold after the previous chart (see attached: "Large triangle forming...?"). It is now clear we are in the final leg of an ABC sequence.
It is time to start paying attention to the Gold chart over the coming weeks, there is a very strong argument to be made for a top being formed here. This can retrace as much as 1255 here in another leg lower.
To the other side, if we price starts to stabilise around 1325 then we may have set the low in the "E" chapter for those following the triangle.
So to put it simply, what we have on the menu here to trade is the possibility of a top at 1325. If resistance holds here then we are unlocking a move back towards 1255 before eventually putting scaffolding up around a material low.
Alternatively, I will be ready to add upside exposure should be crack the 1325. Good luck all those trading Gold for Spring.
It is time to start paying attention to the Gold chart over the coming weeks, there is a very strong argument to be made for a top being formed here. This can retrace as much as 1255 here in another leg lower.
To the other side, if we price starts to stabilise around 1325 then we may have set the low in the "E" chapter for those following the triangle.
So to put it simply, what we have on the menu here to trade is the possibility of a top at 1325. If resistance holds here then we are unlocking a move back towards 1255 before eventually putting scaffolding up around a material low.
Alternatively, I will be ready to add upside exposure should be crack the 1325. Good luck all those trading Gold for Spring.
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A quick update here on the portfolio position:
