A GOLDEN OPPURTUNITY ON GOLD? (4hr bullish flag)
looking at potential trades today im confident that gold could be this weeks winner, spotted a nice bullish flag formation after golds most recent rally, it currently hits all the criteria however if price drops below the 0.382 fib level i would consider this pattern and setup invalidated.
So for a solid trade signal ill be waiting for tomorrows release of the fed interest rate decision at 18:00 to give me a more accurate picture.
providing gold goes the way i predict i will be looking to enter at the break of the previous high around 2175.00, stop loss set at 2140.00 to give the trade room to move, based on flag pattern behavior we would usually expect to see price move almost the entire length of the prevailing flagpole so take profit will be 1.5 rr minimum which puts price around 2230.00.
So for a solid trade signal ill be waiting for tomorrows release of the fed interest rate decision at 18:00 to give me a more accurate picture.
providing gold goes the way i predict i will be looking to enter at the break of the previous high around 2175.00, stop loss set at 2140.00 to give the trade room to move, based on flag pattern behavior we would usually expect to see price move almost the entire length of the prevailing flagpole so take profit will be 1.5 rr minimum which puts price around 2230.00.
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