The gold has recovered close to 4.7% of its previous losses while completing 2 waves of retracement, forming a complete retracement channel.
Weakness in the gold price is brewing again and has become obvious yesterday when it suddenly fell from 1214 and created a lower low.
Recent weakness in the dollar which has caused a major retracement has been extensive and seems to be coming to an end soon.
In the H4 chart, the gold is also seen resisted at 200SMA. The 200SMA has become an important resistant since April this year.
Weakness in the gold price is brewing again and has become obvious yesterday when it suddenly fell from 1214 and created a lower low.
Recent weakness in the dollar which has caused a major retracement has been extensive and seems to be coming to an end soon.
In the H4 chart, the gold is also seen resisted at 200SMA. The 200SMA has become an important resistant since April this year.
Trade active
The last upward retracement got wiped out and leave a long upper shadow in the hourly chart. A sell is decided now, but placing a stop loss above 1208 is still advisable.Trade closed manually
Seeing how weak the dollar has been performing and a strong rebound at 1200, the probability of gold falling further has dropped drastically and thus the decision to close the trade.
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.
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.