Gold Short idea
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: We’re sticking with the overall daily bearish trend and will look for short opportunities. Ideally we’re looking for this head and shoulders pattern to complete followed by a break and retest of 1826.00 with a lower high below. Look to target lower toward major support levels and our 0% fib level.
Trade scenario 2: For us to consider long opportunities we want to see a break of 1875.00 with a higher low above. Until we see this significant change of trend, price action is still very bearish.
Weekly Trend: Bullish
Daily Trend: Bearish
4Hour Trend: Bullish
Trade scenario 1: We’re sticking with the overall daily bearish trend and will look for short opportunities. Ideally we’re looking for this head and shoulders pattern to complete followed by a break and retest of 1826.00 with a lower high below. Look to target lower toward major support levels and our 0% fib level.
Trade scenario 2: For us to consider long opportunities we want to see a break of 1875.00 with a higher low above. Until we see this significant change of trend, price action is still very bearish.