Gold Short Trade *Trend Continuation*
Gold recently broke a nice bullish trendline on the 4hr timeframe that had previously support price for around 3 weeks. Since then new lower lows have been made and price has pulled back.
At the current price around $1570 there is a nice intraday support/resistance zone and the 0.50 fibonacci retracement level.
Price is showing signs of rejecting this price level and could now roll over to make new lower lows down around $1520
IMPORTANT: This is a risky trade entering today prior to the US employment data release.
At the current price around $1570 there is a nice intraday support/resistance zone and the 0.50 fibonacci retracement level.
Price is showing signs of rejecting this price level and could now roll over to make new lower lows down around $1520
IMPORTANT: This is a risky trade entering today prior to the US employment data release.
Trade active:
Lower high formed and 0.618 fib retracement level held strong. Potential for a new lower low to be made next at $1535
