LeeThompson97

Gold Short - Major Confluence

Short
TVC:GOLD   CFDs on Gold (US$ / OZ)
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2
Since the start of 2016 price has been inside a wedge , price is currently at the top of this wedge and thus provides a nice short opportunity. Price has failed to break the top resistance/ trend line level, furthermore this area falls between the 0.618 and 0.786 fib extension zone. Stops should be placed above the resistance level . In my opinion this set up has 3 targets, the first is to the Green trend line , once this has been broken the next target is to the red trend line followed by the grey trend line .
Comment: Looking to take profit at profit target 2 (red line)