Gold is following the bearish trend and is presently trading below the value zone below 1736. So we can follow the bearish trend line (yellow) and go for SELL when Gold comes near this line with small SL.
As I explained in picture Market sentiment, trend lines, price action, breakout strategy are suggesting there is more bearish momentum. So seeing this we can say this trend may continue until the CPI numbers come this month. Be prepared for seeing the long term support 1676 (may come when Fed announces rate hike)
The important levels today 1676-1702-1716-1726-1736-1746
Gold made a new lower low. This is not any SL hunting and is showing the dominance of Bears in market.
SELL 1732 SL 1748 TP 1702
As I explained in picture Market sentiment, trend lines, price action, breakout strategy are suggesting there is more bearish momentum. So seeing this we can say this trend may continue until the CPI numbers come this month. Be prepared for seeing the long term support 1676 (may come when Fed announces rate hike)
The important levels today 1676-1702-1716-1726-1736-1746
Gold made a new lower low. This is not any SL hunting and is showing the dominance of Bears in market.
SELL 1732 SL 1748 TP 1702
Note
As we see the 4 hours candle closed above the trend line. So we can go for some buying with SL below the trend line at 1728
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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.
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.