Gold on a way to $1000 and below?!
Looking at weekly chart I can’t help but to see GOLD going down possibly to $1000 or even less. Lower highs and lower lows are supporting this idea creating form of descending triangle with possible downside even lower than $1000 – if that level fails to hold (which is btw very strong psychological and technical level) $715 would be next very realistic area of support.
Entry options.
First and the most attractive with potential very decent RR ratio:
Try entering short if price goes back to 1240-60 with SL above recent high (above 1310)
Second option in case price won’t retrace to 1240-60 area, wait for weekly candle to close below the recent low of 1131.41 and enter short position with SL above recent high.
TP – definitely around $1000 area – there is going to be lot of noise if price gets there – take same profits and leave risk free runner by moving SL to break even.
This is more of a mid-long term idea which may takes months or over rear to play out depending on other economic surroundings.
Good trading and good luck!
Arek JP
Looking at weekly chart I can’t help but to see GOLD going down possibly to $1000 or even less. Lower highs and lower lows are supporting this idea creating form of descending triangle with possible downside even lower than $1000 – if that level fails to hold (which is btw very strong psychological and technical level) $715 would be next very realistic area of support.
Entry options.
First and the most attractive with potential very decent RR ratio:
Try entering short if price goes back to 1240-60 with SL above recent high (above 1310)
Second option in case price won’t retrace to 1240-60 area, wait for weekly candle to close below the recent low of 1131.41 and enter short position with SL above recent high.
TP – definitely around $1000 area – there is going to be lot of noise if price gets there – take same profits and leave risk free runner by moving SL to break even.
This is more of a mid-long term idea which may takes months or over rear to play out depending on other economic surroundings.
Good trading and good luck!
Arek JP
Comment:
Almost there - will it go lower?