Short-term GOLD bearish correction
Updated
Looking at the extremely bullish bias of gold on the HTF I think we still have a room for a counter-trend move. Jobless claims later today might help us achieve this corrective move.
I am looking to short the XAU/USD pair when it comes back to retest the recent high.
I think it is healthy if we correct to at least 0,5 fib level beofre heading for new highs.
You can see the fib levels on the chart and you can use them as a TP levels.
Risk to reward ratio is at 1:2 which is good enough for me
Entry zone is : 1984-1988
Stop Loss is: 1995
TP1: 1978
TP2: 1973
TP3: 1969
TP4: 1965
Lets hope this plays out in our favor.
Please share your thoughts if you have another opinion.
Rememeber that this is just used as an information and mostly as my own trading journal.
Trade safe and always with a Stop Loss.
I am looking to short the XAU/USD pair when it comes back to retest the recent high.
I think it is healthy if we correct to at least 0,5 fib level beofre heading for new highs.
You can see the fib levels on the chart and you can use them as a TP levels.
Risk to reward ratio is at 1:2 which is good enough for me
Entry zone is : 1984-1988
Stop Loss is: 1995
TP1: 1978
TP2: 1973
TP3: 1969
TP4: 1965
Lets hope this plays out in our favor.
Please share your thoughts if you have another opinion.
Rememeber that this is just used as an information and mostly as my own trading journal.
Trade safe and always with a Stop Loss.
Trade active
TP1 reachedNote
TP2 reachedNote
TP3 reachedTrade closed: target reached
TP4 reached, congrats to everyone !
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.