Gold: Reversal at upper range limi
GC1! is traiding since Sept 2020 in range between 1690 und 1985. Currently the price action is the upper range limit. A analysis of COT index indicates a short signal, which comes along with high open interest oscillator. This two indicators my forecast a reversal of the uptrend GC1!. Since the price shows a still a stable uptrend (price is above 18EMA) the timing is currently difficult. A first indication of weakness would be daily close below 18EMA. A strong sign a weakness and an indication of weakness is below the last minor support area, which has its lower limit 1915. SL: 1980 ~above current high
1. Target: 1825 ~ next support area
2. Target: 1693 ~ lower range limit
RR w/ 1. target 1.38
Manage your risk and make your own decisions.
Trade active
The minor support area at 1915 didn't hold --> Trade activatedTrade closed: target reached
reversal at target 1 thus close trade
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.
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.