Gold is still moving in the daily pivot area and is seen forming a daily downtrend channel. If the price cannot move down pivot, the chances for the price to move back bullish and there is a chance for a channel break. However, if the price breaks down the pivot then the chance is to continue the downtrend channel formed.
Daily Pivot:
R4 1224.68
R3 1214.53
R2 1204.38
R1 1200.86
Pivot 1194.23
S1 1190.71
S2 1184.08
S3 1173.93
S4 1163.78
First option:
-Open short positions if the price breaks down the pivot
-TP at the first daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
Second option:
-Open long positions if the price is unable to break out of the channel in the second daily support area
-TP at the first daily support
-SL at the second daily support or previous swing low
-Wait for confirmation before opening a position
Daily Pivot:
R4 1224.68
R3 1214.53
R2 1204.38
R1 1200.86
Pivot 1194.23
S1 1190.71
S2 1184.08
S3 1173.93
S4 1163.78
First option:
-Open short positions if the price breaks down the pivot
-TP at the first daily support
-SL on the previous pivot or swing high
-Wait for confirmation to open a position
Second option:
-Open long positions if the price is unable to break out of the channel in the second daily support area
-TP at the first daily support
-SL at the second daily support or previous swing low
-Wait for confirmation before opening a position
Trade closed: stop reached
