Categories: Commodities and Indices updates

GOLD – Bullish Until Sellers Appear?

GOLD is enjoying a decent bullish run, and it might continue to trade higher in the short term. Our idea for now is to remain bullish as long as a bullish trend line on the 4-hours chart holds. However, once the price reaches a very important resistance area of $1165-70 there is a chance of it facing sellers.

There is a wave duplication pattern developing on the 4-hours chart, which might complete around $1166-70 level. In that scenario, we might consider entering a sell trade.

Technical Analysis

Buy Entry

H4– We can enter a buy trade in GOLD if it corrects lower in two waves and trades near the trend line and support area (as shown in the chart).

Target 1: $1160
Target 2: $1165
Stop Loss: Break and close below the trend line.

Sell Entry:

H4– We can enter a sell trade in GOLD once it completes the wave duplication pattern and trades near $1166-70.

Target 1: $1150
Target 2: $1135
Stop Loss: Break and close above the last high created before entering into the trade.

Video Explanation:

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.