Gold has been in a descending channel for a really long time and currently it has bounced back down from the resistance of the channel.
As the price action has strongly stayed inside the channel without any signs of strength to push for a breakout on the higher or lower end, a short is a viable idea on gold with targets at half way point from the resistance while stops being just above the pin bar rejection on the daily chart.
The setup yields a good 1 to 4 R-R ratio.
As the price action has strongly stayed inside the channel without any signs of strength to push for a breakout on the higher or lower end, a short is a viable idea on gold with targets at half way point from the resistance while stops being just above the pin bar rejection on the daily chart.
The setup yields a good 1 to 4 R-R ratio.
