Gold is moving back to major structure around $ 1800 level.
Price has broken below the Monthly S3 pivot , been rejected , and buyers have taken
the precious metal back to the Daily Kijun Sen ( Equilibrium Price for the last 26 candles) .
The coming week may see price fluctuate between $ 1753 ( Monthly S2 Pivot) and $ 1805 ( Major Stucture) .
With Price below Kumo , overall sentiment is BEARISH.
The Opportunity considered is a Short towards the later part of next week.
1. Entry - around $ 1800 - $ 1805 ( Confluence of Major Resistance + 50 EMA + Potential RSI OS)
2. Stop - around $ 1850 ( above Monthly RI) . You could be more aggressive and set at $ 1830 , the Monthly Pivot.
3. Target - $ 1696 ( Close of candle swing low)
4. RR = 1.7
This will likely play out over 2-3 weeks, and is a Positional Trade.
Price has broken below the Monthly S3 pivot , been rejected , and buyers have taken
the precious metal back to the Daily Kijun Sen ( Equilibrium Price for the last 26 candles) .
The coming week may see price fluctuate between $ 1753 ( Monthly S2 Pivot) and $ 1805 ( Major Stucture) .
With Price below Kumo , overall sentiment is BEARISH.
The Opportunity considered is a Short towards the later part of next week.
1. Entry - around $ 1800 - $ 1805 ( Confluence of Major Resistance + 50 EMA + Potential RSI OS)
2. Stop - around $ 1850 ( above Monthly RI) . You could be more aggressive and set at $ 1830 , the Monthly Pivot.
3. Target - $ 1696 ( Close of candle swing low)
4. RR = 1.7
This will likely play out over 2-3 weeks, and is a Positional Trade.