The market is shaping up nicely for the upcoming major releases, including the FOMC and Greece outcome. A lot of volatility is expected around the mentioned events. We can keep an eye on GOLD and trade accordingly. It looks like the price might trade lower in the near term, as long as it is below the $1205 level. One way to trade GOLD is that there is a support trend line formed on the 4-hours chart, which if breached might open the doors for a sell trade.
Alternatively, if the price does not moves lower, and corrects higher, then we can enter a sell trade around the wave duplication level of the last wave on the hourly chart.
Technical Analysis
H4 – A major resistance around $1205, which is a pivot area.
H4 – Sell once the price settles below the highlighted trend line.
Entry:
H1 – Alternatively, we can enter a sell trade for GOLD if it moves higher from the current levels, forms wave duplication around the $1185 level.
Target 1: $1175
Target 2: $1166
Stop Loss: Above the $1192 resistance area.
Video Explanation:
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