Gold's attempt to resume the overall bullish trend
Hi! Here are my thoughts for gold XAUUSD.
- Gold is bullish since November 18th, 2018. Then occurred a solid pullback with a 38.2% rotation on the daily chart.We have also reached a psychological and institutional level,1300.000. The weekly and monthly demand areas are aligned (Both charts show a Bull Run) and the reversal occurred at those key levels.
In fact, there is a short opportunity with a temporary resistance level at 1300.00. Nonetheless, a break out can still occur.
- There is a strong resistance at 1300.000 - 1305.000.
- Open short positions around the resistance area.
- 3 attempts with a 1% risk should be the maximum.
- 150 pips of stop loss with a spread of 50 pips giving a total of 200 pips stop (2.000 on the chart).
- Prices are expected to reach back the demand areas.
Since the Monthly and Weekly charts are Bullish with a rotation at the key support areas, while the daily chart is bearish, the trade might has less odds than expected.
Feel free to comment or give ideas.
Succesful trading!
- Gold is bullish since November 18th, 2018. Then occurred a solid pullback with a 38.2% rotation on the daily chart.We have also reached a psychological and institutional level,1300.000. The weekly and monthly demand areas are aligned (Both charts show a Bull Run) and the reversal occurred at those key levels.
In fact, there is a short opportunity with a temporary resistance level at 1300.00. Nonetheless, a break out can still occur.
- There is a strong resistance at 1300.000 - 1305.000.
- Open short positions around the resistance area.
- 3 attempts with a 1% risk should be the maximum.
- 150 pips of stop loss with a spread of 50 pips giving a total of 200 pips stop (2.000 on the chart).
- Prices are expected to reach back the demand areas.
Since the Monthly and Weekly charts are Bullish with a rotation at the key support areas, while the daily chart is bearish, the trade might has less odds than expected.
Feel free to comment or give ideas.
Succesful trading!