XAUUSD (GOLD) - Potential drop from resistance
Hi everyone,
The bull run for Gold has been enormous. However, the price has been rejected at the big long term resistance and this coming week we might see either a continuation, breaking the resistance or a confirmation of the rejection.
Due to the growing red volume, bigger bear moves and the bearish divergences both in MACD and RSI, I lean bearish, without denying the power of the current trend, so I am not going heavy on this. Anyway, there is an opportunity to short Gold, at any point from the current price or preferably from resistance.
Agressive short entry: 1343.250
Conservative short entry: 1257
TP 1: 1326.753
TP 2: 1321.900
TP 3: 1316.903
SL: Preferably above resistance, or at any case keep the ratio at minimum 1.2
*Not financial advise. Just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
The bull run for Gold has been enormous. However, the price has been rejected at the big long term resistance and this coming week we might see either a continuation, breaking the resistance or a confirmation of the rejection.
Due to the growing red volume, bigger bear moves and the bearish divergences both in MACD and RSI, I lean bearish, without denying the power of the current trend, so I am not going heavy on this. Anyway, there is an opportunity to short Gold, at any point from the current price or preferably from resistance.
Agressive short entry: 1343.250
Conservative short entry: 1257
TP 1: 1326.753
TP 2: 1321.900
TP 3: 1316.903
SL: Preferably above resistance, or at any case keep the ratio at minimum 1.2
*Not financial advise. Just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Trade active
Trade closed: stop reached