I've been watching Gold for a few weeks now and I believe we are in a position to execute shorts.
Weekly
Gold is clearly in a down trend showing lower highs and lows. Price has reacted to 1200.00 per oz and has formed a shooting star last week. This week, it looks like we're going to have the same formation but instead bearish. What's important to note is that the formation of 2 shooting stars also forms potential tweezer tops - the first bullish and the second bearish which gives us confidence of a reversal.
Daily
We have completed a lower high on the weekly timeframe as well as the daily supporting the downtrend. Tweezer top formations against daily resistance just above monthly level of 1200.00 with bearish engulfing candle.
H4
A 5 week long channel has finally been broken after consistent bullish price action. We also have an MA crossover supporting the change in direction. Candlesticks show bearish action as we have an evening start formation after break of 1200.00 level. We have also violated previously lows to form new lower lows. A break of our CTL on the 1 hour is signifying a bearish move to the downside.
Weekly
Gold is clearly in a down trend showing lower highs and lows. Price has reacted to 1200.00 per oz and has formed a shooting star last week. This week, it looks like we're going to have the same formation but instead bearish. What's important to note is that the formation of 2 shooting stars also forms potential tweezer tops - the first bullish and the second bearish which gives us confidence of a reversal.
Daily
We have completed a lower high on the weekly timeframe as well as the daily supporting the downtrend. Tweezer top formations against daily resistance just above monthly level of 1200.00 with bearish engulfing candle.
H4
A 5 week long channel has finally been broken after consistent bullish price action. We also have an MA crossover supporting the change in direction. Candlesticks show bearish action as we have an evening start formation after break of 1200.00 level. We have also violated previously lows to form new lower lows. A break of our CTL on the 1 hour is signifying a bearish move to the downside.
Comment:
Stop loss moved to beyond BE at 100 pips profit.
Trade closed: target reached:
162 pips profit.