Why short?
- Gold reached ATH (5y maximum)
- Met huge sell volume at the top
- RSI=87=oversold - the highest since Jan 2018
- Support at $1400 - mirror level - failed
What to keep an eye on:
- Backtesting the blue channel
- Backtesting 50 RSI
- Fibo 0.5 = support?
- Test 1400 from the bottom
- DXY(cash rate)
- Iran-USA, USA-Korea talks
What I will do:
- short for now
- once I see the strength again I will be a bull
- post another chart once the situation develops
Trade active:
The channel became the good support.
I am expecting that it fails the test from the top from the third try and the price will test the previous highs at 1368 and 1343.
The channel became the good support.
I am expecting that it fails the test from the top from the third try and the price will test the previous highs at 1368 and 1343.