I was bullish on gold for last four weeks to enter better level for short. We have found a lot of good hands to hold the 50$ drop that happened at the 1st week of March. After a month, conditions are changed. Those good hands are not strong enough to hold this Fat bear PaPPa. PaPPA required a good amount of food to feed his entire kingdom. A very rare opportunity to fill your pocket with excess money.
I took my 1st position of Short @ 1292 while hedging my 1298 buy order and continue to add more on the way down. I am expecting a bounce @ 1250 support towards 1300 that will print as flag pattern in Weekly chart. We may break the TL slightly but there won't be any further bull continuation. The real Bear trend begins from this nested wave of main trend which gives you a healthy 200-400$ range to make use of it.
Once bear trend starts, no buys in between. Take the weekly chart, find a support there for counter trend. Only weekly chart will be your savior on this trend.
Have green pips
I took my 1st position of Short @ 1292 while hedging my 1298 buy order and continue to add more on the way down. I am expecting a bounce @ 1250 support towards 1300 that will print as flag pattern in Weekly chart. We may break the TL slightly but there won't be any further bull continuation. The real Bear trend begins from this nested wave of main trend which gives you a healthy 200-400$ range to make use of it.
Once bear trend starts, no buys in between. Take the weekly chart, find a support there for counter trend. Only weekly chart will be your savior on this trend.
Have green pips
