Gold - Area of where i'm looking to add to shorts

18 Mar 2020

We may be correcting higher, i'm looking for the 61.8% and above to be the area i'm targeting and from there we should turn lower.

23 Mar 2020

Catatan

Price is moving up towards my proposed short entry zone 1607.70 - 1625.65, we should get there, hopefully this week, possibly a spike up and into that highlighted area, with a quick and swift rejection of price, this would then set up gold for a multi-month decline, and head down well below the 1000, level, i do have targets, but these can be added at a later date, once i see the price movements.

Right now, I'm just watching and waiting, i'm not trading this up, but rather waiting for the best entry price to go short.

23 Mar 2020

Catatan

Here's where i see price heading, the 1st area of resistance is close and should test the 1558.42, wee breather, small pull-back, and then head up to the 1625.74 price line, from there i would expect price to reject right on that line and done she goes.

23 Mar 2020

Catatan

Link to Updated Gold Chart

tradingview.com/chart/KfREtBNT/

23 Mar 2020

Catatan

Link to updated gold chart below

tradingview.com/chart/KfREtBNT/

24 Mar 2020

Trade aktif

Now that was some push higher, and that move hit my short sell order level to near enough my exact area. Now the futures market raced on up higher, so i'm not saying we're going down from here, although that would be welcomed, but i'm going to place a stop loss exactly where in entered this trade, just in case it reverses.

Looking for price to push on down and towards the 1603 then 1558 levels, if we blast through that 1603 to the downside, then it will give me an early indication that lower prices are expected and that 1558 might be taken out also.

Saying above 1576 then might well suggest that higher prices are expected.

Best to keep a good eye on this over the coming hours, so that we aren't on the wrong side of this trade once it gets going.