Hi Traders,
After enjoying a whopping 1000 pips sell on Gold for three consecutive weeks from 1843 to 1841 exits. I have decided to exercise a lot of patience for gold to retrace as the bearish momentum was very strong last week and we were able to see some imbalance in the market.
Price has been ranging between 1832 and 1848 with a spike to 1853 zone after the major sell and it would not be a good idea to just continue the sell within the consolidation zone without precaution.
The weekly closure below the uptrend on the weekly is a good confirmation that price finally broke the uptrend last week and we need to see reasonable retracement.
I will not take a sell trade below 1785 unless price action tells me otherwise.
For now, I will wait patiently to see how the new daily candle will close. Money is made while waiting and watching
Regards
After enjoying a whopping 1000 pips sell on Gold for three consecutive weeks from 1843 to 1841 exits. I have decided to exercise a lot of patience for gold to retrace as the bearish momentum was very strong last week and we were able to see some imbalance in the market.
Price has been ranging between 1832 and 1848 with a spike to 1853 zone after the major sell and it would not be a good idea to just continue the sell within the consolidation zone without precaution.
The weekly closure below the uptrend on the weekly is a good confirmation that price finally broke the uptrend last week and we need to see reasonable retracement.
I will not take a sell trade below 1785 unless price action tells me otherwise.
For now, I will wait patiently to see how the new daily candle will close. Money is made while waiting and watching
Regards
FINSPOT ACADEMY