MountainTraderFX

GOLD UPDATE| TRADING PLAN

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar
GOLD hasn't moved at all during the last trading days, as I suspect the market is waiting for the election results, which will be held in just a week.
Now, I am bearish on gold as it is within the downward channel , and broke out of the smaller upward channel.
So for those of you who want to be in gold , you might go short now, with the target of the green support level .
Yet, remember about the purple support.
Maybe it is safer to wait till the daily support breaks too.
But then the question of the sufficient risk reward would arise again.

All in all, I choose to be on the safe side and stay away from gold till I know the results of the election.

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