Gold - market update - sell on 12 H - entry at 1293 $

Market price moves within descending wedge after break out from triangle formation last week. I see another good short entry at 1293 $ area because of the following reasons:

- price will touch there 100 and 50 day moving average which are strong resistances (1 day chart)
- price will touch the 61,8 % fibonacci retracement which is last strong resistance before a possible trend change
- 50 day moving average going to cross 100 day moving average down side which is bearish indicator (1 day chart)
- RSI is near strong down trend resistance line which implements further down movement if this trend line doesn't break up
- MACD baselines crossed bullish which implements further small up movements
- MACD baselines doesn't started up movement which implements further market price down movements in long term

On Friday, US economic data was released that caused a short dump but this was bought off by strong support and turned into a trend reversal on 1 hour chart. Between January and March, gross domestic product rose by 3. 2 per cent over the year as a whole instead of the expected 2 per cent. This is a buy signal for shares/stocks and could cause a further capital transfer from gold to riskier assets.

Good luck to all and please don't forget to like if you have the same idea or feel free to share your opinion in the comments :)

Trade closed: target reached