forextrader249
Short

Short Gold soon?

FX:XAUUSD   Gold / U.S. Dollar
184 0 1
This is the FIRST ever time have analysed gold             . any feedback would be great.

If we look left we see at the end of Feb/ Start of March 1217.37 / 1229.92 was a strong resistance zone .

At the moment that is were market is currently at.

I'm looking for a signal of a BEARISH engulfing candle that closes below 1217.73 at / near this zone. To signify that the retracement is over.

My first target or a cautious area is 1183.30. in the past ( around end of December 2014) it was a strong support area .

IF candle breaks this area my next target area would be 1147.80 possible double/ triple bottom.

Once in this trade i will be managing it on lower time frames. Gradually moving my Stop lose accordingly, locking in profits. In case it doesn't go to play. I don't lose all that progress.
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