AdrianRaymondFX
Short

A strategic level to short gold

FX:XAUUSD   Gold / U.S. Dollar
429 5 5
Following last month's sharp fall in gold             prices, the market has entered a bullish corrective phase and is rising back up to a previous support level at $1,147 that was tested on 8 July. There is currently a trend line resistance at around $1,151-53 which could provide for a decent short opportunity pretty soon. A stop above $1,165 (to be determined according to overall risk one's willing to take) would offer a risk/reward ratio above 1:3 if one was to target levels below $1,100, which wouldn't be absurd given the overall bearish trend .

Please note that this is not investment advice and that you should trade at your own risk.
Yahia.Awes Yahia.Awes
Bearish divergence in macd and rsi.
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In my opinion, its better to wait until the trend line before entering Short Position, i still see GOLD as Long until then.
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AdrianRaymondFX yakir.shriker
That's what my idea suggests.
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yakir.shriker AdrianRaymondFX
Sorry was not understood it well.
Thanks for the idea.
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