I’m currently entered in on a trade for shorting gold this against my bullish bias. The trend line seems to be acting strongly providing a good resistance as seen.
TP 1 : 1848
TP 2 : 1830
TP 3 : 1818
SL : 1876
My previous idea showed how I was biased to the long but I wanted to show how fib levels are so important! Daily chart, we can see the 0.5 fib level is proving to be a very powerful support. The fib says Long. Use my previous idea to look at trend lines within this structure.
BIASED TO LONG but aware of shorting possibility. Looking on the daily chart we can see trend lines
being hit and followed. But we may see a breakout as gold passes a key resistant level turning to a possible support. This may help push gold out of the downtrend and confirm a good bullish trend. Daily fib drawn which also confirms this. I’m biased to the upside...
