I'm not playing this idea on my private account, because I'm not shorting gold in the middle of the intermediate rally, but some of you might want to bet on a 10-20$ drop in gold as it moves down into its daily cycle low.
I see some kind of head and shoulder pattern evolving on the hourly gold chart.
I would definetely not wait for the pattern to break and go short from there because the target price is way too far and the drop might be stopped before we could reach it.If you want to short it I think it's better to short it from here and put your stop right above the 200 and 100 SMA at 1510.
The risk is to lose 10$.
On the daily chart we could back test the 50SMA and the false breakout at 1453 at the daily cycle low.
If you take this trade I suggest a small position only because.
I see some kind of head and shoulder pattern evolving on the hourly gold chart.
I would definetely not wait for the pattern to break and go short from there because the target price is way too far and the drop might be stopped before we could reach it.If you want to short it I think it's better to short it from here and put your stop right above the 200 and 100 SMA at 1510.
The risk is to lose 10$.
On the daily chart we could back test the 50SMA and the false breakout at 1453 at the daily cycle low.
If you take this trade I suggest a small position only because.
Note
*because probably there is still one more daily cycle in this intermediate cycle.Trade closed: stop reached
Stopped at 1510.157 on Friday. Today it seems again toppy.Note
Note
The opening gap was filled. If we drop below 1500-1510 DCL is again on the table. And maybe the ICL as well.Trade closed manually
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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.