This can be a very simple short term trade, due to gold holding its support at around 1910-1920, we see that there is some buying on dips but proves to be not too strong. The bounce back up from 1910 has not been as strong as anticipated and not as strong as the bounces off the support in the past several weeks. Therefore, we can perhaps say that the bulls are not as keen as they were before.
With this in mind, we can perhaps try a short at around 1965 which is the top of the descending triangle and a double top on daily chart. We see gold moving downwards from these prices many times and this may be another short term trade in which gold does the same.
But we will see as it approaches 1960-1970 and see how gold closes, ideally with a shooting star candle or doji or similar.
Enter short: AROUND 1965
Target: AROUND 1910
We will see what happens and remember to adjust risk by using a stop loss according to your risk preference (although as of late I am using a $20 dollar stop)
Cheers and happy trading!
With this in mind, we can perhaps try a short at around 1965 which is the top of the descending triangle and a double top on daily chart. We see gold moving downwards from these prices many times and this may be another short term trade in which gold does the same.
But we will see as it approaches 1960-1970 and see how gold closes, ideally with a shooting star candle or doji or similar.
Enter short: AROUND 1965
Target: AROUND 1910
We will see what happens and remember to adjust risk by using a stop loss according to your risk preference (although as of late I am using a $20 dollar stop)
Cheers and happy trading!