Sive Morten
Special Consultant to the FPA
- Messages
- 18,644
Greetings everybody,
So, once again we see that patience is rewarded. Yesterday we've discussed potential short-term bullish context on the gold market, we have strong support level but still we miss the reversal action. Today situation has changed.
In general on daily chart performance is bullish, not just because of the MACD trend, but because of price. Gold tightly stands under resistance, without any strong pullback. It means that price is building an energy and increases chances on possible upside breakout challenge. Besides, minor COP target is not reached yet:
On 4H chart trend turns bullish market is moving out from K-support area, mentioned yesterday:
And on 1H chart we're getting right now the pattern - reverse H&S pattern. Now all components of the context stand in place. Thus, we've done necessary preparation for decision making, giving us maximum probability, although always chances for setup failure exist, this is just the part of the game.
So, once again we see that patience is rewarded. Yesterday we've discussed potential short-term bullish context on the gold market, we have strong support level but still we miss the reversal action. Today situation has changed.
In general on daily chart performance is bullish, not just because of the MACD trend, but because of price. Gold tightly stands under resistance, without any strong pullback. It means that price is building an energy and increases chances on possible upside breakout challenge. Besides, minor COP target is not reached yet:
On 4H chart trend turns bullish market is moving out from K-support area, mentioned yesterday:
And on 1H chart we're getting right now the pattern - reverse H&S pattern. Now all components of the context stand in place. Thus, we've done necessary preparation for decision making, giving us maximum probability, although always chances for setup failure exist, this is just the part of the game.