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.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out