Gold Bearish outlook 7May
Updated
Hello Traders, my previous trade was closed with a profit of 220pips, I am still in the process of learning how to manage my stops losses and emotions with running trades.
On the weekly, i am expecting prices to fill the lower wick. Hence, the current outlook for gold is still bearish, as seen in the charts, yesterday prices broke the support at 1695 region and closed below it. Currently, it seems to be trying to retest that region. I have a sell limit at 1695 just in case it reaches there while I'm studying for my finals.
On normal days, gold is seen as a safe haven when the economy isn't doing well. However, with situations like Covid-19 going on, investors appeal to the notion of "Cash is King", hence the meltdown in all the markets momentarily.
*This is not trading advice, protect your capital and trade at your own risk*
On the weekly, i am expecting prices to fill the lower wick. Hence, the current outlook for gold is still bearish, as seen in the charts, yesterday prices broke the support at 1695 region and closed below it. Currently, it seems to be trying to retest that region. I have a sell limit at 1695 just in case it reaches there while I'm studying for my finals.
On normal days, gold is seen as a safe haven when the economy isn't doing well. However, with situations like Covid-19 going on, investors appeal to the notion of "Cash is King", hence the meltdown in all the markets momentarily.
*This is not trading advice, protect your capital and trade at your own risk*
Comment
4H is showing price rejecting the lower side, at the moment the limit is taken away, will be watching how prices react in the region.Always remember to wait for candles to close before entering
Trade active
Manually entered trade at 1695.5
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