Dear Gold Traders,

I have been on a long two-week holiday and have not been really actively posting in the past two weeks. Although, I am still on a holiday, I wanted to post a trading idea that came just after the FOMC meeting. I am looking at Gold.

There is a bullish engulfing candlestick pattern that is engulfing a couple of bearish candles. It also formed just above a minor support level and this makes the signal even more significant. Have a look at the screenshot attached. A good entry level would be 1250. The stop should be placed just under 1225. The first price target should be 1300. Then next one depending on price action is 1500.

Happy Trading,

Colibri Trader

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