Todays retest and rejection of the top (wedge) longterm trendline further confirmed that further downside on gold can be expected this week or possibly into next week. The retest of this (upper) trendline was expected to confirm if a bullish move was imminent or if bearish sentiment was still strong, and todays rejection seemed to confirm bearish Price Action is...
Please remember this is not trading advice. Always follow your own trading plan with appropriate risk management. Feedback always appreciated.
Looking to buy into this dip, willing to buy/hold down to the .055ish potential support with tight SL below. if it pops up to test the .15 - .17ish area, thats roughly 4-1 Potential Risk Reward Ratio. Risky stock, so very small position. Note: Small gap above, potential for gap fill if it runs. P.S. Not financial advise, just sharing my views. But needless...
One possible UJ short term trade idea... Not advice, just an idea... feedback is always appreciated. will continue monitoring to see if price action agrees with this idea before I enter any trade... good luck all.