Gold [10th - 14th Oct]

COMEX:GC1!   Gold Futures
251 5 5
Price didn't break above the down trend line but broke below two key support levels. The next key level to watch will be at 1206.20. A break below this support will potentially see Gold             experiencing greater selling pressure.
It won't go down any further.
shorting now wont be safe I think . right ?
akyong GoldHunter
yes, don't short at market now. best is to wait for price to move lower, then wait for the retracement back to near 1263 for a short opportunity
+1 Reply
I got it , so the aim is not to enter as soon as resistance is broken because it might reverse , but to enter after confirmation of the down trend and retracment. its more safe style to trade with maybe less opportunities but high success rate
akyong GoldHunter
yup. that's my personal preference.
+1 Reply
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