Gold FuturesShort
GOLD: Broke below an important support level…
The Daily trend is in a Downtrend technically indicated by following:
• Price is currently trading BELOW the uptrend trend-line.
The downtrend is confirmed from the MAs. Bearish cross observed- MA 10 cross under MA20.
RSI:
• RSI is BELOW the equilibrium level- 50. Bearish Momentum.
Generally, Gold is back to the level of June 2016, broke below the important support level at 1300.00.
Bearish Scenario:
With the break below the uptrend-line which is a signal for short positions, we will recommend SHORT POSITIONS for the no position holders on GOLD. Take profit at 1250.20 (S1+SMA200) and then at 1202.00 (S2) and stop loss should be a bit above the 1300.00, thus the stop loss is at 1325.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
Bullish Scenario:
While sentiment remains bearish, it is too early to recommend any long position. Therefore we are waiting for a reversal move.
• Price is currently trading BELOW the uptrend trend-line.
The downtrend is confirmed from the MAs. Bearish cross observed- MA 10 cross under MA20.
RSI:
• RSI is BELOW the equilibrium level- 50. Bearish Momentum.
Generally, Gold is back to the level of June 2016, broke below the important support level at 1300.00.
Bearish Scenario:
With the break below the uptrend-line which is a signal for short positions, we will recommend SHORT POSITIONS for the no position holders on GOLD. Take profit at 1250.20 (S1+SMA200) and then at 1202.00 (S2) and stop loss should be a bit above the 1300.00, thus the stop loss is at 1325.00 area.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
Bullish Scenario:
While sentiment remains bearish, it is too early to recommend any long position. Therefore we are waiting for a reversal move.
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.