Some big stop losses accumulating in the gold market. They should be pretty easy to spot.
The big stop losses have been accumulating above $1,845. It has stop losses from the chart pattern followers who see an ascending triangle and want to buy a breakout. They have placed buy stops above the highs.
There are also traders who are short from the highs above $1,875 and if they have not covered their shorts yet, many of them see the resistance at $1,840 and decide to trail their stop losses above those highs to lock in some profits. They figure if that resistance level is breached then gold can just shoot up higher.
Nice concentration of stop losses there.
Will they get triggered? To know, you can read up on my previous gold article: