Trading Gold in Turbulent Times: Analyzing the Recent P.A.

28 sept. 2023

On Monday I wrote that Gold is at an important crossroads and clarification of direction could lead to a 500 pips move.
Indeed, as the price developed, it was clear that bears won the battle and, once the 1915 important level was cleared, XauUsd dropped like a stone, smashing the support provided by August's low, and making a new low for the past 6 months.
The structure is extremely bearish and trying to go against it is like trying to catch a falling knife.
An eventual up correction should be used as a good opportunity to build on shorts keeping in mind the 1855 target for a good risk: reward ratio.

Best of luck and happy trading!
Mihai Iacob

28 sept. 2023

Note

Gold is droping again today and the major target is very close at this moment