Gold (GC1! Futures) Identifying next SHORT zoneAs of today, GC1 has now broken above the current zone, and has closed on a higher timeframe. In accordance with prior breaks, we now look for a retest of the broken zone at the 0.5 FIB of todays daily candle:
The next target is either:
1) The next zone up
OR
2) The prior neck line of the long term H&S identified in August.
Keep in mind, despite this short term bullish price action, the trend for Gold is still BEARISH, hence why we continue to long for short opportunities at each historical zone.
Just to be clear :
My trading is based off of many factors, but an important factor is the many historical monthly zones plotted on the chart. While there will be times where the zones are broken against our favour, the OVERWHELMING MAJORITY of the time, these zones will hold.
As highlighted on the chart, these are all examples of where adhering to these zones would have netted 50 - 100 points moves. Points, not pips.
I will be posting more real time updates though the day of 20/10/23.
Stay safe and manage your risk accordingly!