Gold failed to close on neither resistance despite had a spike yesterday. At this rate, the most plausible direction is for gold to retest support 1 before the bear decides whether support 1 worth the rebound or they will let it bleed deeper. A short position initiated below 1500 should have a CL on 1503 and a target price of support 1.
Do caution the most explicit risks are: 1. FOMC meeting 2. Progress on trade war
Comment
⋅
Hit CL.
Trade closed manually
⋅
Comment
⋅
Need to wait for 4 hr candle to close below 1496
Comment
⋅
A close below 1496, designated target is automatically 1484/1480.
Comment
⋅
A break of 1484/1480 will reinforce the bears signaled by lower death cross on MACD and hence more lower target is possible.