If the bearish sentiment continues for GOLD, a key support level may come into play:
Monthly 62% Fibonacci Retracement, 1874.32
Here are the trades:
1) A buy from 1876.00 isn’t a bad countertrend entry to the bull. For a 1:1 scalp, a stop at 1872.89 will suffice.
2) If a short-term position is more desirable, a 1:1 trade with a buy from 1876.00 and an initial stop loss at 1845.00 will give the position more room to breathe.
Monthly 62% Fibonacci Retracement, 1874.32
Here are the trades:
1) A buy from 1876.00 isn’t a bad countertrend entry to the bull. For a 1:1 scalp, a stop at 1872.89 will suffice.
2) If a short-term position is more desirable, a 1:1 trade with a buy from 1876.00 and an initial stop loss at 1845.00 will give the position more room to breathe.