Hello traders.
Gold had previously entered a potential buy/breakout zone but has not produced confirmation and as far as we can see, has not given another opportunity for long positions.
On the weekly, TD9 coupled with a rejection at the .236 Speed Fan resistance shows a potential retrace. Optimally, a strong trend will test the previous swing low at the 50% retrace, and bounce from there. That's a discussion for later, but for now a short seems obvious.
Take profits low 1400's with a full run targeting 1400 itself.
(looking at older charts, I think there is a very tiny chance for a bounce, RIGHT here, so wait for a small drop to confirm)
Gold had previously entered a potential buy/breakout zone but has not produced confirmation and as far as we can see, has not given another opportunity for long positions.
On the weekly, TD9 coupled with a rejection at the .236 Speed Fan resistance shows a potential retrace. Optimally, a strong trend will test the previous swing low at the 50% retrace, and bounce from there. That's a discussion for later, but for now a short seems obvious.
Take profits low 1400's with a full run targeting 1400 itself.
(looking at older charts, I think there is a very tiny chance for a bounce, RIGHT here, so wait for a small drop to confirm)
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that's a cute gap, not going to save it :P
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Beautiful entries here, anything below the .236 is short territory
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Super important test right here
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In my personal opinion, the longer gold stays under the .236 downwards resistance, the more chance it has of retracing to 50 - 79% levels. The best entry you might get for a move like that at this point might be 1520 BUT don't rule out something ridiculous like another false breakout towards 1600 before a good drop....basically what I'm saying is Gold is super manipulated and prone to powerful moves so be careful.
