Short

1H Analysis on Gold

Updated

Hello traders. In this 1H TF we have an active double top setup on Gold. Price has been rejected in the 1795 region and could possibly move down to the support level in the 1744 region. A break and close below the 1790 region is a good entry reason for this trade. However, pay close attention to the support level in the 1785 region. This setup will be invalid if the resistance level in the 1795 region is broken.

Note

The support level in the 1785 region indeed presented some rejection as can be seen from the hammer candlestick pattern on the 1TF. Price may or may not go lower before testing previous structure levels so continue to be vigilant. If you TP within the mentioned support level, that would have been a good decision. Otherwise, Price may still reach our projected target before heading higher.

Note

Wow what an awesome trade. Price came down to our projected level and if you were still in the trade, this would indeed be a good place to TP. It may still go lower but it's not always a bad idea to secure some profits.

Trade closed: target reached

javonjrb

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