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Gold-short

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
GOLD SHORT 1DLooking to SHORT GOLD there is very strong resistance now, so you can to short gold depending on the resistant zone. ALSO, there is a strong harmonic pattern THE BEARISH GARTLEY PATTERN good luck . ************************************************* The Gartley pattern is a harmonic chart pattern, based on Fibonacci numbers and ratios, that helps traders identify reaction highs and lows. In his book Profits in the Stock Market, H.M. Gartley laid down the foundation for harmonic chart patterns in 1935. The Gartley pattern is the most commonly used harmonic chart pattern. Larry Pesavento later applied Fibonacci ratios to the pattern in his book Fibonacci Ratios with Pattern Recognition.
TVC:GOLDShort
by Mazerozeox
DeGRAM | GOLD forecast for the week. Shake-up. Short Gold is shaking up the resistance of the global downtrend channel. After hoping that the price is starting to recover, it is driven back into the downtrend. Well, since the price made a false breakout of resistance, we can only expect a fall. I am waiting for anchoring below the level. As a result, it turns out that the local trend changes its direction to a downward one, which coincides with the global one, and according to the situation, this tandem can give a strong downward movement. I look forward to the fall of gold. At the moment, the key point is support for 1751 ------------------- Share your opinion in the comments and support the idea with Like. Thanks for your support!
OANDA:XAUUSDShort
by DeGRAM
6