Gold A Confluent Opportunity
Gold is moving back to major structure around $ 1800 level.
Price has broken below the Monthly S3 pivot , been rejected , and buyers have taken
the precious metal back to the Daily Kijun Sen ( Equilibrium Price for the last 26 candles) .
The coming week may see price fluctuate between $ 1753 ( Monthly S2 Pivot) and $ 1805 ( Major Stucture) .
With Price below Kumo , overall sentiment is BEARISH.
The Opportunity considered is a Short towards the later part of next week.
1. Entry - around $ 1800 - $ 1805 ( Confluence of Major Resistance + 50 EMA + Potential RSI OS)
2. Stop - around $ 1850 ( above Monthly RI) . You could be more aggressive and set at $ 1830 , the Monthly Pivot.
3. Target - $ 1696 ( Close of candle swing low)
4. RR = 1.7
This will likely play out over 2-3 weeks, and is a Positional Trade.
Price has broken below the Monthly S3 pivot , been rejected , and buyers have taken
the precious metal back to the Daily Kijun Sen ( Equilibrium Price for the last 26 candles) .
The coming week may see price fluctuate between $ 1753 ( Monthly S2 Pivot) and $ 1805 ( Major Stucture) .
With Price below Kumo , overall sentiment is BEARISH.
The Opportunity considered is a Short towards the later part of next week.
1. Entry - around $ 1800 - $ 1805 ( Confluence of Major Resistance + 50 EMA + Potential RSI OS)
2. Stop - around $ 1850 ( above Monthly RI) . You could be more aggressive and set at $ 1830 , the Monthly Pivot.
3. Target - $ 1696 ( Close of candle swing low)
4. RR = 1.7
This will likely play out over 2-3 weeks, and is a Positional Trade.
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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.
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.