Gold has fallen to critical price now, it has been in free fall since 16 July 2018.
Meaning the market put interest, in another US dollar - instead of Gold, despite the gold provide more reliability.
There is no decision for now
Gold reached the critical price of course, but there is no sign that its going to rise, because the market seems lack in buying power to balance Big Sellers that pressuring its price for a month now.
As we know, as retail traders, we lacks of power to make the gold shinning again.
Just waiting up-price impulse for now.
But if only its action of price showed up-price, i won't risk 2% of my capital, only 1% probably.
The reason is simple, there are not enough rooms to push the gold through the barrier that sellers ( i assumed Big One, IT ) has mark in around 1240
Safest way to trade is, to take SHORT if only the price break ( and with impulses ) below 1188, meaning, it still makes us waiting after it just broken support, assuming we only take second chance ( again, the non-elegant way as retail trader ), which leads us to put Sell Limit at broken area.
Second safest way to trade is, waiting the price to engulf Resistance ( supply area ) at around 1245, which leads to price retracement to area around 1218 ( assuming Big Traders clearing its barrier first, assuring there is no more sellers, may be seen in the chart as Down Compression ).
Still, we only safe to buy if there is impulse reversal pattern in its action.
Meaning the market put interest, in another US dollar - instead of Gold, despite the gold provide more reliability.
There is no decision for now
Gold reached the critical price of course, but there is no sign that its going to rise, because the market seems lack in buying power to balance Big Sellers that pressuring its price for a month now.
As we know, as retail traders, we lacks of power to make the gold shinning again.
Just waiting up-price impulse for now.
But if only its action of price showed up-price, i won't risk 2% of my capital, only 1% probably.
The reason is simple, there are not enough rooms to push the gold through the barrier that sellers ( i assumed Big One, IT ) has mark in around 1240
Safest way to trade is, to take SHORT if only the price break ( and with impulses ) below 1188, meaning, it still makes us waiting after it just broken support, assuming we only take second chance ( again, the non-elegant way as retail trader ), which leads us to put Sell Limit at broken area.
Second safest way to trade is, waiting the price to engulf Resistance ( supply area ) at around 1245, which leads to price retracement to area around 1218 ( assuming Big Traders clearing its barrier first, assuring there is no more sellers, may be seen in the chart as Down Compression ).
Still, we only safe to buy if there is impulse reversal pattern in its action.