Gold has been on a bullish rally for a bit now and throughout all of those rallies the price respected the trendline resistant and the bulls could not seem to push it to its historical high indicating a strong bear hand? Price could choose to continue trending within the range we see on the chart or it could retest the resistance and then make its way to the downside.
So I am looking for short positions all the way to the support level while monitoring what price does.
If the bulls still push the price up I will not enter any trade until then.
So I am looking for short positions all the way to the support level while monitoring what price does.
If the bulls still push the price up I will not enter any trade until then.
Trade active
While waiting for this bias I have been taking short term buys in between. Looking to see if the bulls push price up like last week if they do I have setup a buy stop and if not my initial short setup will be triggered.
Note
Two buy trades triggered first TP is 1782 and the second one is 1799.Trade closed: target reached
My overall bias on Gold was wrong. I went long and made profit both times. It looks like the bulls are gunning for that 1800 price mark or higher.
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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.