SHORT Gold
Entry: 1278.75
SL: 1284
TP1: 1266.25
TP2: 1254.75
Market is within a long term descending wedge pattern.
Currently, price has tested and reacted below descending trendline resistance.
RSI also testing 55% resistance level where market has previously reacted before (as pointed out by the yellow arrows).
I am more confident that price will only pull back lower towards the 1st target.. 2nd target is quite a stretch.
Entry: 1278.75
SL: 1284
TP1: 1266.25
TP2: 1254.75
Market is within a long term descending wedge pattern.
Currently, price has tested and reacted below descending trendline resistance.
RSI also testing 55% resistance level where market has previously reacted before (as pointed out by the yellow arrows).
I am more confident that price will only pull back lower towards the 1st target.. 2nd target is quite a stretch.
Trade closed: stop reached:
Market took out my stop. Position closed.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
