Hello everyone. After consolidating around $1760 for a few days, gold finally broke my rebound target of $1786 with stronger headline inflation released earlier today.
On the weekly chart, we can see gold is approaching the downtrend line which is part of descending triangle pattern. I guess price would face strong selling pressure around $1808.
On the daily chart, we can also note that $1808 is nearest pivot high aligned with the weekly structure mentioned above. If $1808 can be firmly conquered, gold will challenge the $1835 level for the fourth time.
So, in a nutshell, I set an alert on $1808 for potential bearish pattern setup. I don't think it will easily pass the level because of the pattern on the higher timeframe(weekly). For whatever reason it passes $1808, I will look for bullish setup with target 1 near $1835.
What do you think of my rough trading plan? Give me a like if you're with me.
On the weekly chart, we can see gold is approaching the downtrend line which is part of descending triangle pattern. I guess price would face strong selling pressure around $1808.
On the daily chart, we can also note that $1808 is nearest pivot high aligned with the weekly structure mentioned above. If $1808 can be firmly conquered, gold will challenge the $1835 level for the fourth time.
So, in a nutshell, I set an alert on $1808 for potential bearish pattern setup. I don't think it will easily pass the level because of the pattern on the higher timeframe(weekly). For whatever reason it passes $1808, I will look for bullish setup with target 1 near $1835.
What do you think of my rough trading plan? Give me a like if you're with me.
Note
We can see from the daily chart that price have a quick retest of the rebound target. Considering today's Friday, likelihood of forming a daily inside bar is very high. Note
It failed to challenge level of $1800. With a rebound of US 10Y yield, gold plummeted. It's likely to retest previous zone of $1750. Let's see. 
plan your trade and trade your plan
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
plan your trade and trade your plan
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.