Gold Longs Over ?
Updated
Hi friends sharing daily time frame chart of Gold as it seems that price took resistance form falling trendline and Rsi it is looking also topped out and took resistance too so now from here if price will close below support we can see it can touch mention support base target too on chart.
Short idea mainly focused on support break which is very important price zone for it as it played support resistance roles many time on provided chart.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Short idea mainly focused on support break which is very important price zone for it as it played support resistance roles many time on provided chart.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Note
Weakness start after support break friends, so now from here will wait for daily candle close below support levelsNote
In yesterday's session price breached mentioned support levels but did not closed below which was much required for the execution of short trade, So the behaviour of price that gone below and just close above support area making that support more firm and and i believe that after the breakout of support we can see a down move starting as expected friendsNote
Yesterday first time after publishen closed below supportNote
Trailing Stop Loss Update-:Moving good toward target after a breakout of marked support yesterday, So now from here i will trail my stop loss to cost (entry price) for this short trade and will sit for the target.
New support and moving average indentification-:
Price good dragged out after support break so here i observed that now it is trading below a new support marked on chart from where it took support last time before making last swing top so if close below this fresh support we can see that sell momentum will gain pickup, Trying to break 20 EMA also on daily chart sharing
Note
Now breaking yesterday's low levels it is a good sign for wanted momentum for trade friends, Today price reached exactly to marked new support but got strong rejections form there as this time support worked as strong resistance mates. Nice gains so far, Trailing stop loss already updatedPublished Chart-:
Smaller time frame for a view how support turned resistance-:
Note
20 EMA update-:As mentioned in update above that price will turn more weak if it will break 20 ema so yesterday it breached that moving average and today breaking lows of last some sessions too where it was started upwards movement after breaking that support at that time it was resistance for price.
Price reached very close to support target marked on chart but as a discipline trader i have to wait for proper target as discipline is the biggest part of risk managment friends
Trade closed: target reached
Target Update-:Reached to the target of 1942 from 1977 friends, Conviction always pays you guys as i mentioned in update above that i have to sit for target as a discipline trades it did for me, Nice gains Cheers !!
Price try to bounce from support target so now from here will publish new idea after a confirmation of bounce or break support target mates
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.