Gold has started the year strong and has shot up from the 2624ish levels.
Now Trump is taking presidency and with the Israel/Hamas ceasefire scheduled and to hopefully bring to an end the Gaza war I see gold taking a well earnt rest and to potentially retrace the whole month and flip red.
We either go straight down from 2700 or the safer entry would be to short the top at 2722/32.
The resistance at the 2722 zone has been proven too hard to break since November last year and I feel this is a perfect short area. A daily close above 2726 could possibly invalidate the idea but a close look at PA around these areas are needed.
A lot of sell side liquidity to target from 2639 down to 2585.
This is just an idea so any thoughts and comments are welcome.
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.