GOLD Short @Market 27.03 - 14:00

Gold appears to be consolidating within a triangle formation on the higher timeframes, presenting a potential trading opportunity. Observing a retracement of approximately 61.8% to the upper boundary of the triangle, coupled with the completion of an ABCD pattern at the triangle's support level, suggests a favourable setup for shorting.


Entry: Sell at market price of 2192
Target: Aim for 2178 as the initial downside objective

Further downside potential may materialise if the triangle's lower boundary is breached and retested as resistance. In such a scenario, a subsequent continuation move to the downside could target 2160.

Comment:

Trade still active 61.8 on the 15 minute wasn't respected, however we are seeing price at the 61.8 on the 4H struggling to break above.

may add a additional position if I see a strong rejection

Trade closed: stop reached