Shorting FX_IDC:XAUUSD till major support line at 1307. After a breakout of CTL, which has been running since 25th August we can see shorting positions coming into play. You can also see the 9 Day EMA has risen above the latest bar therefore showing bearish momentum.
Would love to see gold move down since I have huge open short positions ...
What is TCL?
TradingClue
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CTL
thxndi
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@stefcom, CTL is a counter trend line where we have seen price action bounce of a many of times. It is also sitting on oversold position on the RSI so there is more reason that Gold will be heading for short positions. Good luck with your trades.
TradingClue
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@VertuliFX, Thanks for the explanation! But if RSI would be oversold (which it isn't at the moment), this would be a signal to go long. Or did I miss anything?
What is TCL?