The tendency of the yellow metal of been exposed to the support level at $1,910 remains high as the Supply zone remains a very strong rejection level for price action at this juncture in the market.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Supply & Demand
Observation: i. As price continues to respect the Bearish Trendline since it hit peak @ $2,075.50 (August 2020) forming Lower Highs and Lower Lows, my Bearish bias becomes emphatic.
ii. My Key level @ $1,910 remains an important zone to look out for in the coming week(s) as a Breakdown and Retest shall prompt further decline.
Trading plan: SELL confirmation with a minimum potential profit of 1,000 pips.
Risk/Reward: 1:3
Potential Duration: 3 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Tendency: Downtrend ( Bearish )
Structure: Trendline | Supply & Demand
Observation: i. As price continues to respect the Bearish Trendline since it hit peak @ $2,075.50 (August 2020) forming Lower Highs and Lower Lows, my Bearish bias becomes emphatic.
ii. My Key level @ $1,910 remains an important zone to look out for in the coming week(s) as a Breakdown and Retest shall prompt further decline.
Trading plan: SELL confirmation with a minimum potential profit of 1,000 pips.
Risk/Reward: 1:3
Potential Duration: 3 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Trade smart. Trade consciously
