GoldCartel

Potential Nice trade - Bearish Pennant

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Short-term plan:
- I reckon it will be ranging for a day or a few days inside the bearish pennant. If the price rejects the bottom pennant line, it's a nice risk-reward ratio to enter a long position targeting the mid resistance and maybe the upper bearish pennant line.

Long-term plan:
- If the price goes up from the bottom pennant and rejects the mid or the upper pennant line, I will enter a large short position targeting the 1700s and 1500s zones long-term.

This week until January 20, 2021, I'm expecting a wild price movement. Keep your guard up and adapt to the market condition to act accordingly.

PS: I'm too busy with my clients, I won't share any updates

Upgrade Your Trading Station with Gold Cartel
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.