Potential Short to 1700
Multi Timeframe Analysis
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
Gold had been on a descending trendline as seen on the dailies and is currently trapped between strong monthly resistance at 1950 and support at 1770. A normal retrace had taken the price to 1800.
Institutionshave added 10k shorts and closed 5k longs from last Tuesday's COT report putting more selling pressure on GOLD
Enter short at belowe 1800 from 4H chart should the bullish retrace on D1 turn bearish on MACD, ADX and price goes below the 10 and 20 EMA. TArget at 1700
My trading philosophy: We don’t short at the lowest of the bearish momentum nor do we long at the peak of a bullish impulse. The safest entries are at the end of a retrace in the direction of the D1 master trend.
Recommendation:
Gold had been on a descending trendline as seen on the dailies and is currently trapped between strong monthly resistance at 1950 and support at 1770. A normal retrace had taken the price to 1800.
Institutionshave added 10k shorts and closed 5k longs from last Tuesday's COT report putting more selling pressure on GOLD
Enter short at belowe 1800 from 4H chart should the bullish retrace on D1 turn bearish on MACD, ADX and price goes below the 10 and 20 EMA. TArget at 1700
Comment:
THe market continues to range after the Powell report. No trades are viable until Gold breaks the range and shows momentun on the 4H chart. Remember: be reactive and not predictive and take your orders only after breach of structure