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Gold-short

GOLD - Wait for that DROP!Dear traders, Finally, GOLD has reached the Supply zone. Potential sells are incoming. The price might drop down to test the demand zone before going higher to 1834+ At the same time, it can just continue higher without any retracement. Anyway, we must REACT NOT PREDICT! Wait for a confirmation and use your own strategy for entry to get involved. Don't forget to manage your risk properly. DISCIPLINE Strive for patience, perseverance, determination, & rational action. Limit your losses, use stops. Never cancel a stop loss order after you have placed it! It's just an idea of mine. However, everyone can share their thoughts in the comment section below. Also, don't forget to support me! :) Disclaimer: Trade at your own risk. I'm sharing my ideas and not giving trading advice. Always plan your trade and trade your plan.
OANDA:XAUUSD
by d13wish
1
SHORT ON GOLD - SUPPLY & DEMANDGOLD is currently at a key supply zone, marked out on the 30M timeframe. Previously, GOLD has rejected this zone with strong momentum, and we can already see strong selling pressure at this zone. We've just seen a huge bearish engulfing candle formed the 30M timeframe, creating a new lower low. I am now looking for GOLD to come up to supply once more to complete the head & shoulder pattern making that lower high which so happens to line up with the 61.8 Fibonacci level. I personally believe GOLD is heading higher into the 1800 (Golden zone) where we have another supply zone, however GOLD has started to reject the 30M supply zone instead but please do trade with caution! Long-term- I believe GOLD is going to break out of this range and head up to the mid-1800 area in the next few weeks/months. This idea is fuelled by the high inflation rate around the world, specifically the US where they are at a 38 year high of 6.8%. GOLD is seen as a hedge against inflation and with concerns over the new Covid variant, investors may start moving their money into safer assets such as GOLD / US Dollar / Japanese Yen. This is merely a possibility and a trading idea so please do trade with caution and ensure correct risk management is implemented. Good luck and let me know your thoughts!
OANDA:XAUUSDShort
by TomBray1
1
Gold Short idea Gold has just made an attempt of testing the $1790 level but has failed to surpass it. These key confluence zones always have an impact on Gold whether that's to the upside or to the downside. As there wasn't any conviction with this recent price action it's likely for Gold to fall again towards the $1770 levels. This week in the US, the Fed will reveal its interest rate decision which could cause the price of gold to test even lower levels such as $1762. The stop loss area for this trade is located at $1794.
OANDA:XAUUSDShort
by Orion-Markets
2