Gold is facing strong confluence of resistances
As I expected, after Monday's local low, Gold has started to correct.
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above 1800 and above these resistances would confirm a higher low at 1740 and would signal a new leg up above 1850
I'm bearish but I wait for more confirmation
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above 1800 and above these resistances would confirm a higher low at 1740 and would signal a new leg up above 1850
I'm bearish but I wait for more confirmation
Catatan
As a Post Scriptum.The reasons i m not selling here:
- the resistance zone is too obvious
- it would be too stupid simple
Trading ditutup: target tercapai
1740 support touched
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.