This chart is gold on the daily time-frame. Since we've reached a top at 1346 price has been making significant lower lows. This gives me the bias that there is still room for gold to dive further down, but it has to break a major support around the 1280 region. As seen this region has proved to be a major support for the pair so it needs to be watched carefully. Since price last LH has rejected from the 61.8% Fibonacci retracement I think it is possible to reach to the extension levels -27% (1270) and even -61.8% (1255) provided that the support of 1280 will be broken.
Since I'm already short I'll be looking to add extra entries when price breaks and retest the 1280 region. What would invalidate this setup is when price fails to break the 1280 region
Any feedback on my chart is more than welcome.
Since I'm already short I'll be looking to add extra entries when price breaks and retest the 1280 region. What would invalidate this setup is when price fails to break the 1280 region
Any feedback on my chart is more than welcome.
Trade active:
Price has broken the region of 1280! Price is now heading towards targets