Traders will be possible wrong on their Gold Trades right now
XAUUSD #GOLD #GOLDPRICE 09.09.2019Many Traders will be possible wrong on their Gold Trades right now. And I explain why this could happen.
Price showing signs of a possible Pullback and there are some indications that are giving Bears some power. Weekly Stochastic got a cross down but is still in the bullish Control Zone. The Rsi is still is in Bullish Control zone opened around 74 strength.
The reason why many Traders especially the one opening high leveraged Short trades right now are basically frontrunning clear confirmation on a possible Prive Move.
Gold is since in a clear 4-Year Uptrend and painting on a Makro scale since Dez 2015 Higher lows, and is now confirming trend painting a higher high.
So if you are in a trend you stay in that trend or place trades in favour of the Trend.
Gold Price has positioned itself in a no Trade Zone. It is diving into Resistance Zone which has a massive Range between from 1520-1640. So you don't want to Risk your Capital for delusional “maybe it goes higher” trades and a possible Test of Reistancelines or maybe countless days of Sideway action Grinding Resistance.
Being patient on Price Development and not to frontrun any Signals is the key for the next rewarding trade. For Bullish Trades you have to wait for a Pullback and retest of Support Area, you need something to backup your Riskmanagement. Until then you let Price Action resolve itself, simply don't touch it, place your alerts and go trade any other asset where you feel more comfortable with your risk.
Trade Safe.
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