Yesterday, gold initially dropped below 2900, briefly testing the 2895 zone as support before reversing sharply to the upside.
Although I had a sniper entry with a 500-pip profit target, I chose to close my trade with a 250-pip profit instead.
The reason for this decision is the strong resistance between 2920 and 2930, along with multiple barriers extending toward 2940.
Looking ahead, a breakdown below 2910 would confirm my slightly bearish bias and could trigger a new leg downward.
For now, I’m staying out of the market, waiting for confirmation of my bearish outlook before initiating sell positions.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Although I had a sniper entry with a 500-pip profit target, I chose to close my trade with a 250-pip profit instead.
The reason for this decision is the strong resistance between 2920 and 2930, along with multiple barriers extending toward 2940.
Looking ahead, a breakdown below 2910 would confirm my slightly bearish bias and could trigger a new leg downward.
For now, I’m staying out of the market, waiting for confirmation of my bearish outlook before initiating sell positions.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
As correctly anticipated, Gold can t pass above resistance zone I m focusing on selling as explained
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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.