GOLD SHORTING OPPURTUNITY NOV 1ST 2024
"Gold has trapped buyers, closing below a key demand zone that also served as support on the 1-hour timeframe. To approach this setup strategically, let the price retrace to the 0.5 or 0.618 Fibonacci level. Avoid entering trades immediately as it reaches these levels; instead, wait for a clear formation of lower lows to confirm the setup.
Keep in mind that the recent support may now act as resistance, creating a possible reversal point. Additionally, a minor order block aligns with the 0.618 level on the 5-minute chart. Be thorough in checking all confirmations, and take the trade with a manageable stop loss. Keep your risk controlled, especially with the current market volatility.
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Keep in mind that the recent support may now act as resistance, creating a possible reversal point. Additionally, a minor order block aligns with the 0.618 level on the 5-minute chart. Be thorough in checking all confirmations, and take the trade with a manageable stop loss. Keep your risk controlled, especially with the current market volatility.
If you found this insight helpful, don’t forget to like, follow, and comment for more trade logic!"
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