Aiming for the trader's success by creating awareness of the 3M's: Mind, Money & Method by 
Gold does not seem to be co-operating with me recently -:)
It is in a consolidating phase & not much patterns forming.
On the daily time frame, we have a bullish 5 wave structure, which tells me that one should remain long on this…till we get some bearish indications.
Keeping in tune with that, I have been following a bullish flag pattern on the 1hr time frame, which again, seems to be in a consolidation.
Am waiting for this bullish price objectives to be fulfilled and looking for a trigger to re-enter a long…if possible.
In any case, let us have a look at the flag pattern.
The down sloping channel (the flag) has formed quite well and price had broken out of the flag channel to the upside. We are looking at a pullback, which has not yet negated the bullish flag pattern.
For the expected price objectives, we measure the distance of the Flag pole & plot it on the level from where price breaks out of the channel.
Price is expected to travel this distance to fulfill the price objectives.
In this case, the expected price target is appr. 960.00, but we can expect some more moves to the downside, before price resumes the uptrend.
So, we remain bullish & wait for a proper entry.
If we dont get a trade, well we can always look at something else -:)
Sunil.
Thanx for your timely discussion of the flag pattern for gold.
While I am still learning the pattern, I have traded gold two
times in the past 7 days- both profitably.
While I do follow chart patterns, I am a bit naive about the flag/pennant patterns.
I found your article insightful, studious, and informative.
You have taught…I have learned.
Hello Lloyd,
First of all, thank you for your kind words.
I feel more than happy when a trader says that he/she is trading better after learning some things from here.
I hope to contribute more of the proper techniques & may you have more profitable trades -:)
Please feel free to get back, if you have any questions about the chart patterns/harmonics etc.
Regards,
Sunil.