I expect a retracement on this pair to around 107.300, could go as low as 106.000. Just going to be patient and wait until this setup happens. I want a close below 109.800 for a short entry, but along with confluence for a trade to drop.
- Clearly see that the bears are in control of the market for gold.
- A break and close with a strong candle would put me into a trade to sell gold until the 1150 area.
- The USD is going up really fast at the moment, so that helps with gold to decline more.
- Patience is key, and will wait for the setup to happen IF it does I will short it, IF it don't then I...
- Break through of my monthly resistance
- Dollar is on a great bullish run, which favours this pair.
- Risk to reward is great
- Possible pips achivable is great
- Entered on a live account of course
