As shown on the chart, the shiny metal finds itself in a bullish momentum looking to retest the trend line before another drop. The daily structure looks bullish, showing a big bullish flag pattern which is coming to the end of it's journey, hence why gold looks like it's following a downtrend pattern on the smaller time frames.
In this case we came with a great opportunity to sell gold as we approach our sell target, to take advantage of the market on another swing trade.
Place a sell limit below -> 1491.19
TP -> 1433.35
SL -> 1498.51
Trade safe with appropriate risk management and look after your capital at all cost.
Drop a like if you've found this idea useful and feel free to comment if you've got any questions about the idea.
In this case we came with a great opportunity to sell gold as we approach our sell target, to take advantage of the market on another swing trade.
Place a sell limit below -> 1491.19
TP -> 1433.35
SL -> 1498.51
Trade safe with appropriate risk management and look after your capital at all cost.
Drop a like if you've found this idea useful and feel free to comment if you've got any questions about the idea.
Comment:
We're still waiting for it to reach our target on this one, The NFP report came above expectations, making investors dump gold, but we expect a reversal after this event.