Hope everyone is enjoying their weekend.
I’d like to share my thought regarding golds short and mid term movements.
Charting on the Daily.
My current position:
Sold at 2368.8
SL - 2385.6
TP - 2317.5
Concerns:
1. I’m worried the support (white line) may provide a bounce to form a double top.
2. The top of the channel (blue bars) may prove to be bouncy so I’m waiting to see how the price interacts in that region.
3. On open the price aggressively climb to take advantage on the sell pressure. Effectively eating up all the tight SL’s and pushing prices to form a double top.
*****
If the price bounces off the support (White line) I’ll look to re-enter after a double top or signs of weakness in the structure.
If the price breaks through the channel I’ll be looking to sell after it retests the support (White) OR closes inside the channel (Blue) and retests the upper portion of the channel.
I’ll buy after we see support near the thicc green line. Looking for a candle with a long wick. Expecting 2400 - 2500 after retest here.
Happy trading!
I’d like to share my thought regarding golds short and mid term movements.
Charting on the Daily.
My current position:
Sold at 2368.8
SL - 2385.6
TP - 2317.5
Concerns:
1. I’m worried the support (white line) may provide a bounce to form a double top.
2. The top of the channel (blue bars) may prove to be bouncy so I’m waiting to see how the price interacts in that region.
3. On open the price aggressively climb to take advantage on the sell pressure. Effectively eating up all the tight SL’s and pushing prices to form a double top.
*****
If the price bounces off the support (White line) I’ll look to re-enter after a double top or signs of weakness in the structure.
If the price breaks through the channel I’ll be looking to sell after it retests the support (White) OR closes inside the channel (Blue) and retests the upper portion of the channel.
I’ll buy after we see support near the thicc green line. Looking for a candle with a long wick. Expecting 2400 - 2500 after retest here.
Happy trading!
