GC1! Gold Futures Short setup I present to you a possible scenario going into the weeks ahead .
Gold finished Friday 13 Oct very strong with a move that no doubt destroyed many whom were taken by surprise with the aggressive move out of 1880 back up to 1945 in one trading session .
The question is what's next? Well no one has the exact answer but here is a possible scenario which could be on the cards . I would not be surprised to see a small pull back and all the shorts to pile in trying to sell the top before getting trapped/destroyed with another move up towards $1970 taking out the sept 20 high/liquidity before a much bigger move to the downside.
To give my chart the uncongested cleanest look , I have removed some of the levels inside of the Fib Channel to make it easier on the eye .
Above we have a High volume Node+ Liquidity and the golden pocket + Fib Channel as confluences .
I will be expecting a reaction at this region and will act accordingly .
More data will be required to determine if this is to be another LH on the HTF or a deep RT and continuation to the upside .
Set alerts at the given region and manage your SL in accordance with your trading plan and appetite for risk.
Like and follow for more setups like this and check out my previous analysis on Gold
