The pair is currently trading near a key level of resistance and there was a strong wick reaction on the previous day's close. This shows that sellers are still monitoring this structure closely and are willing to short the market at that level. Therefore, this could be a potential for us to ride the downside of the breakout of the bullish flag and ride the upside...
The pair is reaching a key support area and I believe that it will retrace back to the next key resistance before continuing in its move downwards. Hence, there are two trading plans for how this trade can work out.
The pair is trading near a strong key level and a bearish downtrend line. This is a trend following trade as there are no signs of reversal/weakness. Hence, we would look to short the pair, the take profit would be just before the uptrend began with the stop loss above the previous high.
The pair is currently trading near the key area of resistance and is showing a sign that the market is weakening . Hence, it is going to continue to follow the overall bearish trend and we can have our stop loss slightly above the downtrend line . Our first TP can be at 131.928 with a RTR of 2.25 and the second TP can be at 130.613 with a RTR of 3.45.
Gold has recently broken out of a bearish downtrend line and the next level to look forward to is the previous highs. Hence, this trading setup gives us a good RTR ratio. Traders can loo for a retest of the trendline before entering.
The pair recently broke out of a bullish trendline and is approaching a support/resistance zone. A short position can be taken if it breaks below the zone. However, buyers may bid up the price causing a rally upwards.
The pair is trading near a bearish trendline and would be interesting to see a reaction to it. When it breaks out with confirmation, a long trade can be taken. Vice versa if it does not breakout, a short trade can be taken.