Gold - Upside limited, sell between 1260-1280
This is my view on Gold.
We had a nice relief rally from 1125, price is currently at a strong SNR zone around 1200.
If price can get resisted here, I see it going towards 1050.
If it breaks above this level, I see it going towards 1260-1280 where the trend-line resistance is the last line of obstacle for it to clear before it can fly any higher.
I will say that the upside is limited with a smoother ride towards 1050 where it will complete a bullish shark.
I plan to execute my shorts around 1260-1280.
Stops will go above 1300 (40)
Profit targets will be at 1050 (210) netting me a 1:4 R:R.
We had a nice relief rally from 1125, price is currently at a strong SNR zone around 1200.
If price can get resisted here, I see it going towards 1050.
If it breaks above this level, I see it going towards 1260-1280 where the trend-line resistance is the last line of obstacle for it to clear before it can fly any higher.
I will say that the upside is limited with a smoother ride towards 1050 where it will complete a bullish shark.
I plan to execute my shorts around 1260-1280.
Stops will go above 1300 (40)
Profit targets will be at 1050 (210) netting me a 1:4 R:R.
