Gold price over the previous week has declined significantly creating a double top (bearish reversal pattern) in the process. I will wait patiently for price to tap into the order block, indicated by a rectangle as seen on the charts. After which I will look for a bearish pattern, preferably using candlesticks on the 15mins timeframe for a sell. My take profit will be at the previous week's low or the low indicated by a line.
Trade active
Trade is active and I'm looking for a good scaling opportunity when price breaks the support level at 2895.457. If price breaks and retest this level, I will be scaling my sell trades to boost my profits. There was a long period of consolidation in the market today due to the bank holiday but I believe that tomorrow there will be a massive distribution to the downside. Kindly make sure you apply proper risk management while on it.
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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.