Trade ideas for March 28 - April 1
Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
Gold came across the wedge
2019-11-11 • Updated
On the daily chart of gold, the bulls failed to settle down above the important resistance level of $1,287 per ounce. There might be a pullback towards $1,260 and $1,250. To restore the uptrend, buyers need to update the April high. If they succeed the target 200% in the AB=CD pattern will be fulfilled.
On the hourly chart of gold, the expanding wedge pattern has been formed. The correction towards 38.2%, 50% and 61.8% from the wave 4-5 can be used for the formation of short positions. But we should bear in mind, that there are positions of large buyers near $1,250.
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