Given the current move of Gold at the moment on a downtrend, we should be looking for shorts in the current region down to at least the 28% Fibonacci Level at 1490 as a short term target for our positions. a longer term target would, in my opinion, be the 38% level at 1447. Furthermore DXY is looking to strengthen to the 100 level and this could act as a form of confluence or confirmation to see short positions in Gold.
Trade active:
second entry was taken at 1511 for another entry targeting the 23.60% as a primary level. still targeting 1447 as the final area before a potential move up.
Trade closed manually:
a good trade to have taken overall 300+ pips achieved through it but we should now close and re assess the positions on gold
Trade active:
a short was taken at 1513 region looking to carry on where we left off last time
Trade active:
38% retracement incoming
Trade closed: target reached:
6000 points target reached. patience was key.