Gold is facing strong confluence of resistances
Updated
As I expected, after Monday's local low, Gold has started to correct.
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above 1800 and above these resistances would confirm a higher low at 1740 and would signal a new leg up above 1850
I'm bearish but I wait for more confirmation
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above 1800 and above these resistances would confirm a higher low at 1740 and would signal a new leg up above 1850
I'm bearish but I wait for more confirmation
Comment
As a Post Scriptum.The reasons i m not selling here:
- the resistance zone is too obvious
- it would be too stupid simple
Trade closed: target reached
1740 support touched
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