GOLD Short @Market 27.03 - 14:00
Gold appears to be consolidating within a triangle formation on the higher timeframes, presenting a potential trading opportunity. Observing a retracement of approximately 61.8% to the upper boundary of the triangle, coupled with the completion of an ABCD pattern at the triangle's support level, suggests a favourable setup for shorting.
Entry: Sell at market price of 2192
Target: Aim for 2178 as the initial downside objective
Further downside potential may materialise if the triangle's lower boundary is breached and retested as resistance. In such a scenario, a subsequent continuation move to the downside could target 2160.
Entry: Sell at market price of 2192
Target: Aim for 2178 as the initial downside objective
Further downside potential may materialise if the triangle's lower boundary is breached and retested as resistance. In such a scenario, a subsequent continuation move to the downside could target 2160.
Note
Trade still active 61.8 on the 15 minute wasn't respected, however we are seeing price at the 61.8 on the 4H struggling to break above. may add a additional position if I see a strong rejection
Trade closed: stop reached
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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.