Gold Short For December
تم تحديثه
The hourly channel which gold has been recently trading in has seen a break to the downside giving us a nice set up for a Short for the month of December.
The Weekly SMA falls on 2595.38 which is the first target - Watching price action as it approaches this level is important, as 2600 is a large psychological support that falls in-line with the equilibrium of the larger descending channel that gold is trading in; both resistant factors could see the bulls fight back.
The Monthly SMA falls on 2508 which would be our maximum target for December, keeping an eye on the relevant Fib level 2585, and the most recent price low of 2539 as potential levels at which price may bounce from.
Previous hourly Gold Long trade has been closed, hitting the stop placed just below the channels lower support which has just broken.
The Weekly SMA falls on 2595.38 which is the first target - Watching price action as it approaches this level is important, as 2600 is a large psychological support that falls in-line with the equilibrium of the larger descending channel that gold is trading in; both resistant factors could see the bulls fight back.
The Monthly SMA falls on 2508 which would be our maximum target for December, keeping an eye on the relevant Fib level 2585, and the most recent price low of 2539 as potential levels at which price may bounce from.
Previous hourly Gold Long trade has been closed, hitting the stop placed just below the channels lower support which has just broken.
تم فتح الصفقة
Position opened. Currently the stop loss remains. Eyes on 2610, 2600, 2596, 2582, 2539 and 2510.
ملاحظة
Stop loss moved to break even 2637.7أغلقت الصفقة: تم الوصول لوقف الخسارة
Break even stop hit. Looks to be a false break out of the lower channel support, which will lead Gold to test 2678 the weekly SMA.
Keeping an eye on 2650 for another reversal down.
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