cheesetoast
Short

Supply (Sell) zones forming on Gold

FX:XAUUSD   Gold Spot / U.S. Dollar
Price has perfectly touched a weekly supply zone and starting to move lower.

With this in mind, we are only interested in selling. The odds of a move lower are increased as newly formed supply zones have broken the 4hr up trend line .

If/when price re-tests the supply zones highlighted on the 1hr chart this week, we will sell for a larger move down.

Happy trading.
Trade active: For those that managed to sell within the 1st or 2nd supply zone, we should see price move to at least 1240 offering at least a 4:1 trade.

Stops should be placed above newly formed supply zones on lower timeframes.
Trade closed: target reached: Little bit of pain however targets reached. Price re-tested the first supply zone and bounced nicely for those that took this trade.
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