This is my second update on Gold Swing trade. In the previous updated I posted the levels to reenter gold short we got that Bounce 2040 and perfect second entry into the short now we are hovering at important TP level as indicated in my first post for gold Swing trade.
All the previous posts are linked down below
In this chart I have highlighted what happened when we lost the channel mid band last time. Gold lost approx. 4%, and if we measure 4% from the middle of the channel this time it falls on important support which are MACRO POC (Point of Control) and a monthly Support level. But to fall further we need to lose 1980 first. It has acted as a strong support, if gold breaks it will become strong resistance going forward. The probability of gold breaking down is high as DXY bottomed out and broke out last week, if it keeps rallying higher Gold keeps going down.
I have covered DXY bottoming and breakout in my previous posts, you can look at them in the links below.
So, all is good, if you took the trade, TP here a good chunk, move stop loss as per your comfort.
If you like my content, then please boost and share this post. I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned. If you would like to learn from my experience then follow me on trading view to get notified on my trade, market projections and several upcoming technical analysis and in-depth tutorials on technical Indicators. You can also leave a comment and let me know if you want me to look at any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
All the previous posts are linked down below
In this chart I have highlighted what happened when we lost the channel mid band last time. Gold lost approx. 4%, and if we measure 4% from the middle of the channel this time it falls on important support which are MACRO POC (Point of Control) and a monthly Support level. But to fall further we need to lose 1980 first. It has acted as a strong support, if gold breaks it will become strong resistance going forward. The probability of gold breaking down is high as DXY bottomed out and broke out last week, if it keeps rallying higher Gold keeps going down.
I have covered DXY bottoming and breakout in my previous posts, you can look at them in the links below.
So, all is good, if you took the trade, TP here a good chunk, move stop loss as per your comfort.
If you like my content, then please boost and share this post. I have over 6 years of trading and investing experience and have learned a lot in this time. I like to share what I have learned. If you would like to learn from my experience then follow me on trading view to get notified on my trade, market projections and several upcoming technical analysis and in-depth tutorials on technical Indicators. You can also leave a comment and let me know if you want me to look at any specific asset or want to learn about any specific topic in the world of Technical Analysis. I Will do my best to create a post for it.
Keep learning and Happy trading All.
