Mihai_Iacob

Gold is facing strong confluence of resistances

Short
Mihai_Iacob Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
As I expected, after Monday's local low, Gold has started to correct.
At this point, the yellow metal is trading in a very strong resistance zone. A confluence of the horizontal, descending trend line and confirmation of the long-term ascending trend line.
A short position here can have more than 1:5 R:R if we target 1680 support
On the other hand, Gold back above 1800 and above these resistances would confirm a higher low at 1740 and would signal a new leg up above 1850

I'm bearish but I wait for more confirmation
Comment:
As a Post Scriptum.
The reasons i m not selling here:
- the resistance zone is too obvious
- it would be too stupid simple
Trade closed: target reached:
1740 support touched

🚀 Elevate your trades with a 20-year market veteran!

📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals

💎 Crypto Channel:
t.me/FanCryptocurrency

🌟 Premium Contact:
t.me/IacobMihai
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.