Gold is still consolidating to form a triangle pattern and moving in the daily pivot area.
Daily Pivot:
R4 1216.93
R3 1209.63
R2 1202.33
R1 1198.76
Pivot 1195.03
S1 1191.46
S2 1187.73
S3 1180.43
S4 1173.13
First option:
-Open long positions when the price breaks up the triangle
-TP at the first daily resistance
-SL can be placed in the first daily support or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks down the triangle
-TP at the second daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
Daily Pivot:
R4 1216.93
R3 1209.63
R2 1202.33
R1 1198.76
Pivot 1195.03
S1 1191.46
S2 1187.73
S3 1180.43
S4 1173.13
First option:
-Open long positions when the price breaks up the triangle
-TP at the first daily resistance
-SL can be placed in the first daily support or previous swing low
-Wait for confirmation to open a position
Second option:
-Open short positions if the price breaks down the triangle
-TP at the second daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
Trade closed: target reached
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.
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.