Lower lows and lower highs are being formed. The market is currently playing between two parallel lines which have a negative gradient (sloping downwards). The uptrend trendline (acting as support) has been broken and has re-tested as resistance, as well as breaking the horizontal S/R line. There is a lot of indecision with regards to Gold, but with it being under $1500 and looking like the market will close underneath this price for the day, a bearish movement is likely. Primarily the aim is $1493 but it could break, making the final TP level for this trade around $1486.
Price entered: $1499.80
Note: Some analysis has been removed and changed for simplicity.
Price entered: $1499.80
Note: Some analysis has been removed and changed for simplicity.
Comment:
Price hit $1496.50 which was TP1 (shown on chart). 33 pips secured. On the way to TP2 now :)
Trade closed manually:
No lower low was made. SL was moved to break even after TP1 hit which means the rest of trade closed at entry. Only 33 pips were gained from this setup but profit is profit at the end of the day. Most importantly no losses were made.