Gold Long - Bottom of Rising Channel
The price failed to rebound yesterday even after it has retraced significantly.
It is very likely to have attracted many buyers and the current consolidation may very well be a plot to stop out these buyers before the real trend begins.
Therefore, gold is expected to retrace lower which will likely bring it to the bottom of a 1-month rising channel where the demand zone overlaps.
Wait for further retracement and look for reversal signal at the demand zone for a buying opportunity.
It is very likely to have attracted many buyers and the current consolidation may very well be a plot to stop out these buyers before the real trend begins.
Therefore, gold is expected to retrace lower which will likely bring it to the bottom of a 1-month rising channel where the demand zone overlaps.
Wait for further retracement and look for reversal signal at the demand zone for a buying opportunity.
Operación activa:
It's time to long now. Stop loss below 1305.
Operación cerrada manualmente:
Gold turned bearish
