Gold – The Road Map Ahead

14 Aug - Gold Daily Forex Chart

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Hi All,

Apologies for being quiet, in case you haven’t realised, I’ve been doing some DIY on the website. If you have a chance, please let me know what you think? More importantly, let me know if there are any areas for improvement. đŸ™‚

All right, back to the chart.

As mentioned on the 31st July (see article), I reminded myself of the tug-of-war that was going on between the buyers and sellers. It’s been two weeks since I wrote that and I’m now looking at the chart again with some NEW information.

The Road Map

As you can see, price action is always progressing and showing us signals of what it may do.

On this occasion, I can see a nice wedge breakout pattern (which happened last week) and my bias is gearing towards a long set up. Nonetheless, knowing that there is a fair amount of “obstacles” ahead, it’s worth putting out a road map of how I want to take this trade.  In fact, these are longer term obstacles that we are facing – including a long term downward trend line and a weekly soft resistance level (~1331).

Before taking this long, I need to see a new Higher High (HH). Once I have that, I’ll wait for a pullback to retest the group of “obstacles” (Green Box) which is also my congestion zone, and that will my entry signal.

It’s a little pre-mature but always good to plan ahead.

 

PS. For those of you who didn’t see my notice, I will be  launching my new online learning hub in the coming week, make sure to take advantage of my launch promotion!!

 

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