Hello guys, please take a look at my idea of a SHORT opportunity on GOLD.
So why lookup for a SHORT?
- Firstly from the Monthly perspective, we still haven't reached 38,2 Fib Retracement after the strong impulse that correlated with the first COVID19 wave, so it's expected to finish proper retracement at least to the first level of Fib Retracement.
- From the weekly perspective - a month ago we broke with a strong impulse a strong support zone that has been testing nowadays and it's turning into the strong resistance zone.
- From a Daily perspective, as you can see on a chart, we have a strong resistance zone from the Top and quite a strong trendline which acts as a support zone. The safest way how to SHORT GOLD is definitely to wait for the braking trendline (support zone) and then when the market will be testing the previous trendline (support zone) jump into the trade.
Let me know what do you think about this set-up :).
So why lookup for a SHORT?
- Firstly from the Monthly perspective, we still haven't reached 38,2 Fib Retracement after the strong impulse that correlated with the first COVID19 wave, so it's expected to finish proper retracement at least to the first level of Fib Retracement.
- From the weekly perspective - a month ago we broke with a strong impulse a strong support zone that has been testing nowadays and it's turning into the strong resistance zone.
- From a Daily perspective, as you can see on a chart, we have a strong resistance zone from the Top and quite a strong trendline which acts as a support zone. The safest way how to SHORT GOLD is definitely to wait for the braking trendline (support zone) and then when the market will be testing the previous trendline (support zone) jump into the trade.
Let me know what do you think about this set-up :).