Gold has developed a lower high near the local top with a pin bar candle stick pattern last week on daily timeframe. It can be used as a short signal with proper risk to reward ratio within a favorable resistance zone.
This is the bigger picture we assume for gold movement based on Elliot waves theory.
Even if the wave counts get compromised and price breaks the local top in the near future, it seems to have a reasonable correction (even for a bullish wave counting scenario).
We use low of the last daily candle as the entry point, high of the candle as stop loss, and about 1.4 RR for the take profit with some adjustments based on supports and resistances and fibonacci levels for possible retracement zone.
ENTRY: 1983
SL: 2004
TP: 1953
Even if the wave counts get compromised and price breaks the local top in the near future, it seems to have a reasonable correction (even for a bullish wave counting scenario).
We use low of the last daily candle as the entry point, high of the candle as stop loss, and about 1.4 RR for the take profit with some adjustments based on supports and resistances and fibonacci levels for possible retracement zone.
ENTRY: 1983
SL: 2004
TP: 1953
Trade active:
Entry Point reached and trade activated.
Comment:
Trade closed: target reached:
nfa & dyor
Invest Smart!
Invest Smart!
