This is an idea not an advice
Hey traders, this is my idea on what's possible for gold today. Let me know what you guys think in the comments, I welcome debates. Hope this is helpful and if so leave a like for good luck.
Reasons for shorting
Reasons for not shorting
One main particular reason you wouldn't short, which is that in the bigger fundamental outlook of the market, It is in major correction and gold is usually used to hedged against the US top 500. Currently gold in technical has some possible room to upside correct equally before continuation to down side too. Additionally, gold always had a strong attraction to its 1800 levels as soon as upsides are in the move.
Hey traders, this is my idea on what's possible for gold today. Let me know what you guys think in the comments, I welcome debates. Hope this is helpful and if so leave a like for good luck.
Reasons for shorting
- 6 rejection points
- Double top out look from 4h
- Thus obvious M pattern formation
- MACD loosing momentum on the 4h
- S&P 500 is looking to go up in foresight at least 0.7% -0.8% for correction before further continuation to fall
- Generally gold is currently on a downtrend
Reasons for not shorting
One main particular reason you wouldn't short, which is that in the bigger fundamental outlook of the market, It is in major correction and gold is usually used to hedged against the US top 500. Currently gold in technical has some possible room to upside correct equally before continuation to down side too. Additionally, gold always had a strong attraction to its 1800 levels as soon as upsides are in the move.