The target range of the cup pattern.
According to cup pattern in 30 minutes time frame the gold price may reach around $ 1789.00.
This is because the range of cup pattern in the picture is around $ 30.
At this point, it's high risk to buy now.
However,You should wait for the short (sell position)at around $ 1789.00.
The reason is;
• The price around $ 1789.00 is 61.8% Fibonacci level (highest $ 1832.00 ~ lowest $ 1721.00).
• The target range of the cup pattern.
• By looking at the dollar index,it fell back from resistance around 93.18 last week.
• But it also could lead to break out condition.
Just after the breakout, the entry position have to be changed immediately as the following price range.
P. S
According to the above information, it is for day trading
This is because the range of cup pattern in the picture is around $ 30.
At this point, it's high risk to buy now.
However,You should wait for the short (sell position)at around $ 1789.00.
The reason is;
• The price around $ 1789.00 is 61.8% Fibonacci level (highest $ 1832.00 ~ lowest $ 1721.00).
• The target range of the cup pattern.
• By looking at the dollar index,it fell back from resistance around 93.18 last week.
• But it also could lead to break out condition.
Just after the breakout, the entry position have to be changed immediately as the following price range.
P. S
According to the above information, it is for day trading
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