TradingView
Tickmill
Jan 19, 2018 5:32 AM

Gold on pullback resistance, potential bearish setup! Short

Gold/U.S. DollarFXCM

Description

Gold has made a pullback to our previously broken major ascending support-turned-resistance line and this has triggered a potential bearish drop from here below major resistance at 1332 (Fibonacci retracement, horizontal breakout level, pullback resistance) towards 1305 support (38.2% Fibonacci retracement, horizontal pullback support).

Stochastic (55,5,3) is seeing major resistance below 99% where we still have good downside potential.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
More