Description
⋅ Apologies for the late Upload, we have only just joint trading view!
We entered a short position on Gold @ 1341.51
SL @ 1350.09
TP1 @ 1270.00
TP2@ 1185.00
REASON FOR THE TRADE:
MN TIMEFRAME - when looking at the monthly time frame you can see a clear false breakout, which has again been replicated, the strong resistance at 1342, was showing reversal signs and failed to breakout beyond this point.
W1 TIMEFRAME - on the weekly timeframe you can again see similar correlation, a very similar pattern forming and has taken place.
D1 - the daily timeframe is probably most clear for the signs of gold, the typical tweezers trying to breakout, and failing at our key levels.
SUMMARY:
Although the view for gold is bullish, the charts do not lie. We have had a lot of turmoil with the ongoing trade war and tariff's, Brexit and many other factors where we have seen investors flee to a safe haven. my overall opinion is bullish, but NOT YET. Although watching BBC makes you feel like the world is going to end, there isn't enough for it to push above these levels. We will be patient with this pair, I personally think TP2 is optimistic, but also possible. We will see if trump does anything else crazy.
Happy trading!