GOLD is showing us something important! You must check this!
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GOLD is a short for me, here is why!
As you can see in the chart, we have been in a downtrend from 2011 to the end of 2015, then the price started to rise slowly and ranging from 2016 to May 2019. Then we had a quick upward spike in price from May 2019 due to the geopolitical tensions in the world.
But now price is at a very big resistance zone. See how the price got rejected from the Golden Pocket (Fibonacci retracement) with a huge wick, which is not a surprise at all.
But also, take a look how price is getting rejected from the monthly level which is at $1560. This level is very important because it used to be our support in 2011 and 2012 and now that we have reached this zone again, it's becoming our resistance which again is not a surprise.
For me, it's a clear short with a SL above that wick.
Simple rule to REMEMBER: When support is broken, and price come back it becomes resistance. And vice versa.
If you love this content please support me by sharing, commenting and following me!
Thank you and ...
Have an amazing day!
GOLD is a short for me, here is why!
As you can see in the chart, we have been in a downtrend from 2011 to the end of 2015, then the price started to rise slowly and ranging from 2016 to May 2019. Then we had a quick upward spike in price from May 2019 due to the geopolitical tensions in the world.
But now price is at a very big resistance zone. See how the price got rejected from the Golden Pocket (Fibonacci retracement) with a huge wick, which is not a surprise at all.
But also, take a look how price is getting rejected from the monthly level which is at $1560. This level is very important because it used to be our support in 2011 and 2012 and now that we have reached this zone again, it's becoming our resistance which again is not a surprise.
For me, it's a clear short with a SL above that wick.
Simple rule to REMEMBER: When support is broken, and price come back it becomes resistance. And vice versa.
If you love this content please support me by sharing, commenting and following me!
Thank you and ...
Have an amazing day!
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