GOLD has been one of the market’s big stories today, breaking out above the 1959.0 level. However, the bidding quickly subsided and prices are back near 1950.0. There is a nice wave set up on the 30-minute GOLD chart and a possible selling opportunity:
Weekly 38% Retracement, 1959.67
30-Minute 78% Retracement, 1960.76
Here's the trade, good until the end of the day:
1) Sell 1958.0
2) Profit Target @ 1952.0
3) Stop Loss @ 1965.0, 1:1 risk vs reward ratio
Weekly 38% Retracement, 1959.67
30-Minute 78% Retracement, 1960.76
Here's the trade, good until the end of the day:
1) Sell 1958.0
2) Profit Target @ 1952.0
3) Stop Loss @ 1965.0, 1:1 risk vs reward ratio