Trend changing in Gold. Market volatile.
Suspect Gold to trade in the symmetrical triangle on Monday and Tuesday. Trading in sideway market requires a lot of patience, just need to wait for the market to come to the support level to trade...
ATR = 30
Engage Short Term Trading, prefer to Long at current price. I am expecting Gold to trade sideway within the symmetrical triangle, awaiting for a meaningful breakout. Upon successful breakout above 1530, Gold will return to 1543, 1560 and finally 1575 double top.
Long on Gold (Short Term Trade)
Long at 1485-1490.
SL 1483 Friday Low
TG1 1512
TG2 1522
If Gold break below 1470, it will travel to the major support 1444-1440 the previous breakout point.
My preference is on the Buy side, basically I believe in the continuous uptrend since Jan 2011 on Daily Chart. Breaking below 1470, I would switch to short term short, and looking to 1440 major support.
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