We’ve been waiting for gold to break above the 3400 level for quite some time.
Despite multiple tests and deep wicks into this zone,
I don’t expect the coming week to bring a fresh high for gold.
With price compression between 3390 – 3400,
I anticipate that the market will be selling gold this week.
We should also expect a stop hunt on sellers before the drop.
My preferred short entry zone remains 3415 – 3430,
with a probable target around 3200,
making this risk-reward setup attractive.
Despite multiple tests and deep wicks into this zone,
I don’t expect the coming week to bring a fresh high for gold.
With price compression between 3390 – 3400,
I anticipate that the market will be selling gold this week.
We should also expect a stop hunt on sellers before the drop.
My preferred short entry zone remains 3415 – 3430,
with a probable target around 3200,
making this risk-reward setup attractive.
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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.