Gold Update
Gold rejected from the area which was highlighted in a previous analysis.
IMHO it first has to break out of descending Pitchfork on the 1-hourly chart and take out the high of yesterday before further upside is on the cards.
Short term set-ups.
Short set up.
-Entry @ confluence area of descending pitchfork and median line of rising channel.
-Stop above yesterday high and look for a break out of rising channel.
-Target, maybe a reach towards July high @ 1453
Long set up.
-Entry @ rising channel support and yesterdays low.
-Stop loss @ 1458
-Target @ 1480
1-Hour Chart.
4-Hour Chart
Daily Chart
IMHO it first has to break out of descending Pitchfork on the 1-hourly chart and take out the high of yesterday before further upside is on the cards.
Short term set-ups.
Short set up.
-Entry @ confluence area of descending pitchfork and median line of rising channel.
-Stop above yesterday high and look for a break out of rising channel.
-Target, maybe a reach towards July high @ 1453
Long set up.
-Entry @ rising channel support and yesterdays low.
-Stop loss @ 1458
-Target @ 1480
1-Hour Chart.
4-Hour Chart
Daily Chart
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