Goodmorning guys,
What a night. After gold lost more than 900 pips in an hour, gold pared its losses back to 1750.
We have 2 scenarios in play; either bears want bearish continuation and want to test the monthly bullish trendline that goes back 3 years ago, or we have a big a$$ W-formation targeting new ATH.
Not a great setup to trade and too risky for me, so I am taking a little break to see more confirmation. There is always another day.
For now 1750 seems broken and acts as resistance. Trade safely.
What a night. After gold lost more than 900 pips in an hour, gold pared its losses back to 1750.
We have 2 scenarios in play; either bears want bearish continuation and want to test the monthly bullish trendline that goes back 3 years ago, or we have a big a$$ W-formation targeting new ATH.
Not a great setup to trade and too risky for me, so I am taking a little break to see more confirmation. There is always another day.
For now 1750 seems broken and acts as resistance. Trade safely.
