Short Gold
Entry: 1283
SL: 1287.77
TP1: 1273.75
TP2: 1260.75
I expect a Gold to drop.
Market close to descending trendline resistance.
RSI also testing descending trendline resistance. Market has reacted below this resistance multiple times in the past (shown by yellow arrows).
Long term, market within a descending wedge pattern.
Market however is still holding above it's short term natural EMA. Once this EMA is broken, we should see a higher conviction of a deeper drop.
Entry: 1283
SL: 1287.77
TP1: 1273.75
TP2: 1260.75
I expect a Gold to drop.
Market close to descending trendline resistance.
RSI also testing descending trendline resistance. Market has reacted below this resistance multiple times in the past (shown by yellow arrows).
Long term, market within a descending wedge pattern.
Market however is still holding above it's short term natural EMA. Once this EMA is broken, we should see a higher conviction of a deeper drop.
Trade closed: stop reached:
Stop taken out. Position closed.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28