Monday, November 17, 2014

Flag formation to shoot Gold up....

On 11th November, I speculated an upward movement of Gold and on 13th , I posted an update---analysis of the brief intraday correction pattern downside before the movement upward began.

I cashed out 320 pips on half of my position while the rest is opened to ride the bullish move upward.

Presently on the intraday level, there is a formation of a consolidation flag pattern which is expected to break upside after which further upside move will happen.

If the flag formation is broken upside as expected, there is a strong possibility of reaching level C indicated in the chart . 

The level C is a confluence level for 161.8% extension of wave A from B, 31.8-50% retracement of the last impulsive 5-wave bearish trend that I discussed on 11th , and the flag extension.

I will add to my position as soon I discover that the flat is broken upside.
I will keep an update here.

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