Gold is under bearish pressure and midterm pressure will remain below 1254 USD.
However, when we look at the smaller chart timeframes, we see a bullish/bearish breakout opportunity which offers us a 100 pips intraday profit.
As seen on the chart, Gold broke the shorter term triangle at 1200 and tested 1195. Here we see a wedge pattern. The direction of the breakout will determine the shorter term price action.
We can not give you certain breakout levels, but by looking at the MM lines we can predict the possible breakout levels.
Break Below 1195 is the short opportunity, target of the formation is 1187 and 1179. Stop Loss above 1202.
Break Above 1205 is the long opportunity, targets are 1210 and 1218. Stop Loss Below 1195.
However, when we look at the smaller chart timeframes, we see a bullish/bearish breakout opportunity which offers us a 100 pips intraday profit.
As seen on the chart, Gold broke the shorter term triangle at 1200 and tested 1195. Here we see a wedge pattern. The direction of the breakout will determine the shorter term price action.
We can not give you certain breakout levels, but by looking at the MM lines we can predict the possible breakout levels.
Break Below 1195 is the short opportunity, target of the formation is 1187 and 1179. Stop Loss above 1202.
Break Above 1205 is the long opportunity, targets are 1210 and 1218. Stop Loss Below 1195.
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