XAUUSD/Gold short position with quite reasonable TP ans SL
Blue and greenish rectangle are representing weekly GAP. These are very often creating very strong resistance/support areas.
Gold for at least 3 years is bearish so this trade definitely is following trend which is good news.
TP area is set close to previous lowest low.
On 4H chart pair is trading below 200EMA which indicates further losses against dollar.
I'm pretty sure that the pair will go south in medium term and it may or may not continue trend in long term.
It is good place to enter and if something will change in my opinion I will update chart when I will close position.
TP = 1181
SL = 1215
Gold for at least 3 years is bearish so this trade definitely is following trend which is good news.
TP area is set close to previous lowest low.
On 4H chart pair is trading below 200EMA which indicates further losses against dollar.
I'm pretty sure that the pair will go south in medium term and it may or may not continue trend in long term.
It is good place to enter and if something will change in my opinion I will update chart when I will close position.
TP = 1181
SL = 1215