GOLD -big move-
Hello,
Gold lost almost 100/ounce last week following positive news from Covid-19 vaccine and is now trading inside a bear flag.
There was a fake breakout as seen on the chart created by hanging man candlestick.
The yellow metal is back inside the triangle again. However, risk is still tilted to the downside given that the price couldn't break the 38,2% retracement and the potential Covid-19 vaccines look promising.
Target for this trade is 1800 once a clear breakout is confirmed.
Good luck
Gold lost almost 100/ounce last week following positive news from Covid-19 vaccine and is now trading inside a bear flag.
There was a fake breakout as seen on the chart created by hanging man candlestick.
The yellow metal is back inside the triangle again. However, risk is still tilted to the downside given that the price couldn't break the 38,2% retracement and the potential Covid-19 vaccines look promising.
Target for this trade is 1800 once a clear breakout is confirmed.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
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