last week i posted some of my analysis on GOLD and made a mistake by saying that we had a potential bullish bat formation. After reading a few comments from some former clients I realized that we didn't actually meet my "B" leg requirements for the pattern.
With that being said, this is still a decent trading opportunity based off of the level of potential structure support that we are heading to, the ab=cd pattern completion and the fibonacci confluence. Recently the RSI has just gone oversold, allowing us to add yet another point to our combined technical score (CTS).
in the event that we do get a price action reversal pattern at that level, the first area I would have on my radar for a retracement would be right below the 1320's price point.
Akil
"BEWARE - This is a FED WEEK"
With that being said, this is still a decent trading opportunity based off of the level of potential structure support that we are heading to, the ab=cd pattern completion and the fibonacci confluence. Recently the RSI has just gone oversold, allowing us to add yet another point to our combined technical score (CTS).
in the event that we do get a price action reversal pattern at that level, the first area I would have on my radar for a retracement would be right below the 1320's price point.
Akil
"BEWARE - This is a FED WEEK"
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