Focus on selling gold. GOld will colapse!!
Mis à jour
Last week Fed interest rate news destroyed lots off retail traders. AFter a big fall gold managed to push bullish around 500pips after FEd drops. GOld settled after tapping onto resistance level 2050. In my opinion this was a attemp to wipe longterm sellers who sold above the ATH level. After the tap of 2050 gold fell deep below 2031 structure.
2031-2034 is the level were we need to focus on selling the market.(See info on chart) Last friday gold broke a important structure around 2031. Best entree is to wait for the retest and make sure to keep holding gold. There is also a big H4 supply area here wich most likely prevent gold from breaking above again. Expecting a big fall in the long run towards 2007(First longterm target) Posible we will see even further fall towards 1950level. But for now lets focus on 100-300 pips targets.
Resistance: 2031, 2050, 2070
Support: 2016, 2005, 1996, 1992
2031-2034 is the level were we need to focus on selling the market.(See info on chart) Last friday gold broke a important structure around 2031. Best entree is to wait for the retest and make sure to keep holding gold. There is also a big H4 supply area here wich most likely prevent gold from breaking above again. Expecting a big fall in the long run towards 2007(First longterm target) Posible we will see even further fall towards 1950level. But for now lets focus on 100-300 pips targets.
Resistance: 2031, 2050, 2070
Support: 2016, 2005, 1996, 1992
Note
H1 timeframeNote
Our trade running in profit. Make sure to move SL at entree and keep holding this trade. Missed our first target by 7 pipsNote
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