GOLD SHORT - Rising Wedge (Technical Analysis)
Updated
Hi traders.
Gold has recently been in consolidation after a bullish few days and struggled to break around the resistance region of $1656, but also appears to hold support around the region of $1645.
As of now, on the 1D time frame, we can see the formation of a rising wedge - I think now is the perfect time to short this pair, once the rising wedge is broken out of, in order to confirm the sell position. RSI seems to be approaching overbought region, further confirming this idea. I will be seeking to enter shorts from $1650 or above. Aim is to swing it down as low as possible. I would hope the second purple support trend line is breached, but I would aim to take profits off the table every time it goes down. Move stop loss into entry once in significant profit as well to ensure you cannot run into a loss.
Good luck trading!
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from.
Please drop a follow! I need reputation points!!
Gold has recently been in consolidation after a bullish few days and struggled to break around the resistance region of $1656, but also appears to hold support around the region of $1645.
As of now, on the 1D time frame, we can see the formation of a rising wedge - I think now is the perfect time to short this pair, once the rising wedge is broken out of, in order to confirm the sell position. RSI seems to be approaching overbought region, further confirming this idea. I will be seeking to enter shorts from $1650 or above. Aim is to swing it down as low as possible. I would hope the second purple support trend line is breached, but I would aim to take profits off the table every time it goes down. Move stop loss into entry once in significant profit as well to ensure you cannot run into a loss.
Good luck trading!
This is just technical analysis . Do not follow this trade blindly!
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from.
Please drop a follow! I need reputation points!!
Note
Initial SL hit. Planning on re-entering short once resistance is retested.Order cancelled
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