GOLD | Preparing for Short Opportunity
I am looking to short gold by comparing and simulating the previous impulsive trend, expecting a similar price and time structure. Price is approaching key Fibonacci levels between 2815 and 2830, which coincide with a potential reversal zone from the recent bullish leg.
Before entering the trade, it's crucial to wait for clear confirmation, such as a strong bearish candlestick pattern or momentum shift with a bearish divergence on the MACD.
Before entering the trade, it's crucial to wait for clear confirmation, such as a strong bearish candlestick pattern or momentum shift with a bearish divergence on the MACD.
Order cancelled
The short-sell setup has been canceled as price dropped significantly before reaching the PRZ (2815-2830). At this stage, I will monitor for a potential retracement around 2690. If price pulls back to this level, it could present an opportunity to enter short for further downside.Note
Pullback and Further Price Decline
After a brief pullback to around the 2690 level, gold resumed its downward trend, showing strong bearish momentum.
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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.