You can either wait for gold to reach the top of the channel to initiate sell position or for a strong bearish signal from resistance area shown - indicating a shift of the market to the bears. Target is previous low which coincides with measured move of prior trading range break and midline of the channel.
Risk/Reward 1:2.5
Risk/Reward 1:2.5
Trade closed: target reached:
Price didn't reach the mid channel line but closed a few pips above it. Series of closes showed support area confirmed. Exiting short trade in near support area.