Short Gold @ 1275
Though I'm not a EW specialist.. This trades lines up with previous structure. EW traders please correct me if I am wrong.
Prices are pushing higher after finding support at 1182. However it may find resistance at previous support zone of 1275-1282 which is overlapping 61.8% retracement of leg 3.
Trade: Counter Trend
Price: 1275
Target 1: 1182
Target 2: 1140 (127.2% of leg 3)
Stops: 1311 (above 76.4% retrace)
R/R ratio: 2.65
Trade may take around 8-10 weeks, but is worth, considering the high R/R Ratio!!!
Prices are pushing higher after finding support at 1182. However it may find resistance at previous support zone of 1275-1282 which is overlapping 61.8% retracement of leg 3.
Trade: Counter Trend
Price: 1275
Target 1: 1182
Target 2: 1140 (127.2% of leg 3)
Stops: 1311 (above 76.4% retrace)
R/R ratio: 2.65
Trade may take around 8-10 weeks, but is worth, considering the high R/R Ratio!!!
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