Gold: Sell Opportunity

The trading idea is based on a trend reversal signal. The price diverged with RSI and MACD. We have bearish signals from a bearish divergence and MACD lines. RSI is in the overbought zone.

If the price breaks the local uptrend line, it will be possible to open sell trades.

Entry Price: below 1517.20
Stop Level: above 1526.50
Profit Level: at 1490.00

Risk per trade must be no more than 1% of your capital. If the price reaches 1500.00 level, move stop orders into breakeven.

Comment:

In spite of the upward movement, the pending orders for sell were not activated. The trading idea is still workable.

Comment:

The price moved upward too far from a possible entry level. The market becomes more and more interesting for selling. I will search for new entry levels for short trades. This trading idea should be removed from the trading plan.