In this idea I am going to be looking in to the idea of taking a gold short trade for the following reasons.
1. Gold has made up the lost value of the flash crash and is now testing the old level of support as the new level of resistance.
2. We have now them broken broken the up trend and have been stuck in consolidation.
3. Failing to break above the key resistance created @1795
4. From the resistance created at 1795 we have been trending down creating the LL and LHs.
So once we do create the break to the down side on the support and pull back in to that price respecting it as a new resistance then we can look to enter the type one enter as a break and retest.
1. Gold has made up the lost value of the flash crash and is now testing the old level of support as the new level of resistance.
2. We have now them broken broken the up trend and have been stuck in consolidation.
3. Failing to break above the key resistance created @1795
4. From the resistance created at 1795 we have been trending down creating the LL and LHs.
So once we do create the break to the down side on the support and pull back in to that price respecting it as a new resistance then we can look to enter the type one enter as a break and retest.