We have a short outlook on gold. However, we trade what the market demonstrates and not what we believe. As you could see we have a possible bearish harmonic in play; which provides are with the possible target area 1 (1230.00). We have the breakout and retest which has already occurred and can possible see a second retest. Price is currently sitting on 61.8% if price breaks and closes above then we can see price reaching 1277.00 hence the reason of having our safest stop around 1290.00. As each target is met we would be re analysing to distinguish if the targets are still valid. We have a possible bearish ABCD formation to the downside of 1185.00 Target 2.
***PLEASE REMEMBER***
- This is just out projection, strategies would be used in planning entries and exits based on certain scenarios. - Trade at own risk
Can we say that gold break and retest the 4hour trendline and key level for us to short to Target 2?
SERGENAYTUG94
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yes of course, you can enter a new trendline and await the breakout and restest then look for the bearish PA confirmation.
SERGENAYTUG94
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When price reaches Target 1 we can expect a bullish move up to Daily Resistance 1280.00 then a move back down from there, hence the reason why monitoring trades once each target has been met is important