Gold has just broken the upward trendline that has acted as support numerous times (At least 6). It has just been broken after a few failed attempts to rally further. We have also lost the 100 moving average (on the 4H time frame)
I believe that Gold is stalling out ahead of the psychological figure of $3000 as it has done previously at $2000 to give an example.
Stop Loss above the red downward trendline that has been formed from the highs that will act as my trailing stop loss.
Take Profit level is a confluence of Fibonacci retracement levels and the upward trendline that I believe could act as support if the red downward trendline doesn't get broken first.
I believe that Gold is stalling out ahead of the psychological figure of $3000 as it has done previously at $2000 to give an example.
Stop Loss above the red downward trendline that has been formed from the highs that will act as my trailing stop loss.
Take Profit level is a confluence of Fibonacci retracement levels and the upward trendline that I believe could act as support if the red downward trendline doesn't get broken first.
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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.