A strategic level to short gold

FX:XAUUSD   Gold Spot / U.S. Dollar
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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.
In my opinion, its better to wait until the trend line before entering Short Position, i still see GOLD as Long until then.
AdrianRaymondFX yakir.shriker
That's what my idea suggests.
yakir.shriker AdrianRaymondFX
Sorry was not understood it well.
Thanks for the idea.
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