Short Trade Idea In Gold. See below

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https://www.tradingview.com/x/wHTqnO4S/

Gold is retracing up to some Fib levels currently.

The chart has the zones if you want to Short Gold.

* Trading is risky.

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Short Gold Trade Idea:
Sell between 2511.10 to 2514 (fib levels)

SL: 2524.70 Conservative
2518.10 More aggressive better RR

TP: TBA

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ملاحظة

I like this trade short in gold. It is overbought from the past couple of days. The monthly, weekly, daily, 4hr momentum indicators are showing supportive momentum of price to the downside.

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ملاحظة

The USDX is currently retracing down on a top2. So when it turns around to test the top levels, it will more than likely try to break out again as it has at the start of every NY session this week and when this occurs & the perhaps the VIX index increases rapidly as the CPI figure was a bit Hot, this will be supportive of trade short

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A double bottom formed on the 1-5 m time frames. For this pattern to turn bullish a break of 2512 would have to be taken. Even then price could turn back down on a rallying $

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Double bottom below:

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So far further higher prices has been rejected at the 38.2 fib level

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Trade looks good.
USDX about to form up.

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LEFT of Screen is what looks good for short gold over the next week

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ملاحظة

Update:
Demand is starting to come back into long postions,
BUT the Vix index is near 10%

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ملاحظة

So you know i have closed my short positions in gold but im ready to go either short or long soon if its worth the risk.

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ملاحظة

* The only positions i currently have open are CHY JPY.
A very bearish Daily Head n Shoulders Pattern.

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ملاحظة

sorry CHF JPY

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ملاحظة

You can see a lot buying from this 5m order block for gold. It all depend on whether you trust the vix index creeping higher. your call

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ملاحظة

It's all supply and demand the intraday timeframe stochastics and rsi now have the momentum from the risky buying down there.
Lets wait for a pullback.
Vix is retreating

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LONG GOLD:
See chart.
buy in the golden zone
stop loss is the red line

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ملاحظة

Be aware an M-TOP is forming to take price lower.

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A clean break of 2511.30 will take out your stop. Price will likely reverse down near 2505

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ملاحظة

That zone was pretty boring price action. So I wrote a chart on M_Tops. Notorious for sell-offs.

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Hi traders,
My apologies for being away the past few hours.
I just checked the Gold Chart.
I see it recently came off a double-bottom on the 5m chart & price then fell out of a falling wedge. Both of these things are quite bullish in my opinion.
I still have open a couple of long position in Gold going into Thursday Asia session. I will update if I think this trade needs to be closed and send an alert here. If you wish to book Long profits now then that is never a bad thing to do.
Cheers,
Chris

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تم إغلاق الصفقة يدويًا

As a precaution I have closed this Long-Trade we had in Gold from down around 2505.
Formed is a Bearish Head n Shoulders Pattern on 15m timeframe. Neckline is only 0.36% under current price & it may get tested during Asia Thursday.
easy_explosive_trader