Folks,
It looks like there's a really nice bullish setup forming in gold right now with an inverse head & shoulders pattern along with a bull flag. Given the bullish sentiment around gold now along with all the stimulus recently rolled out globally...it's hard not to throw all the chips in on this one.
Look for an entry ~1,610-1,615 range with a tight stop loss around 1,600 for those more risk adverse or around 1,550 if there's a bit more tolerance for risk. Initial target is the recent high and neckline of the head & shoulders patter at 1,700-1,705.
An alternative and more conservative entry would be a break of the downward sloping trend line of the bull flag.
This is all adding up to a nice play if it doesn't break down.
Cheers!
Days Off
It looks like there's a really nice bullish setup forming in gold right now with an inverse head & shoulders pattern along with a bull flag. Given the bullish sentiment around gold now along with all the stimulus recently rolled out globally...it's hard not to throw all the chips in on this one.
Look for an entry ~1,610-1,615 range with a tight stop loss around 1,600 for those more risk adverse or around 1,550 if there's a bit more tolerance for risk. Initial target is the recent high and neckline of the head & shoulders patter at 1,700-1,705.
An alternative and more conservative entry would be a break of the downward sloping trend line of the bull flag.
This is all adding up to a nice play if it doesn't break down.
Cheers!
Days Off