Exploring gold shorts trades.
Updated
In this trade idea I am going to be exploring the idea of taking shorts on golds for the following reasons.
1. Gold broke out of the up trend.
2. Gold then created a double top pattern.
3. Has rejected the 1902 resistance level multiple times.
4. Price should then continue to the down side in order to fill in the target wicks.
5.Gold is also very bearish on the higher time frames.
I may be waiting for gold to close below the support at 1870 and once we can break that support level I may be waiting for price to drive below, come back and retest the old support as the new resistance before I enter the trade.
1. Gold broke out of the up trend.
2. Gold then created a double top pattern.
3. Has rejected the 1902 resistance level multiple times.
4. Price should then continue to the down side in order to fill in the target wicks.
5.Gold is also very bearish on the higher time frames.
I may be waiting for gold to close below the support at 1870 and once we can break that support level I may be waiting for price to drive below, come back and retest the old support as the new resistance before I enter the trade.
Note
Take profit hit on this idea.
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