GOLD MAY RETRACE. HERE IS WHY!
Updated
hey traders,
I am and I was among those traders, who was skeptical in a further exponential growth on gold this autumn.
And finally selling volumes have been accumulated and we see a strong bearish breakout of key structure support.
Our bias clearly remains bearish and there is a lot of space to go lower,
however, what is worth paying attention to is the equal measured move formation and
slowing momentum on a lower timeframe.
for this reason, there is a high chance to see a retracement to a broken structure level,
and then, most likely, more sellers will jump in and we will see a bearish continuation to lower structure.
our first significant level of support will be around 1446.
Adjust your trading plan accordingly, good luck!
*Please, if you want more ideas on gold, support this idea liking it and leaving a comment, thank you!:)
Note
Very good bounce! Now let the market calm downNote
Thank you for supporting the idea!
✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
💰Instagram: instagram.com/VasilyTrader/ 💰
✅Facebook: facebook.com/VasilyTrading/ ✅
❗️YouTube Channel youtube.com/c/VasilyTrader
💰Instagram: instagram.com/VasilyTrader/ 💰
✅Facebook: facebook.com/VasilyTrading/ ✅
Related publications
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.