Shorting the retracement of the recent bear in gold last week.
Looking at H4, we are trading at the area of supply and demand; with massive buying and selling due to profit taking and uncertainty of the direction for gold.
Most have taken profit from the steep uptrend.
Over this week we should be able to see a clearer direction of the market.
For us, we are looking at a short target to 200EMA and/or support at 1900/1910 area.
If breaks below, we expect to see 1880 or 1820.
If you are shorting, do look out for a break above 1980 as a resistance level.
Always remember to have a plan.
1. Target entry price
2. Stoploss price
3. Profit taking price
Long term wise, we are looking to buy at the support levels. (1820, 1880, 1910)
Looking at H4, we are trading at the area of supply and demand; with massive buying and selling due to profit taking and uncertainty of the direction for gold.
Most have taken profit from the steep uptrend.
Over this week we should be able to see a clearer direction of the market.
For us, we are looking at a short target to 200EMA and/or support at 1900/1910 area.
If breaks below, we expect to see 1880 or 1820.
If you are shorting, do look out for a break above 1980 as a resistance level.
Always remember to have a plan.
1. Target entry price
2. Stoploss price
3. Profit taking price
Long term wise, we are looking to buy at the support levels. (1820, 1880, 1910)